Ibotta (NYSE:IBTA) Shares Down 8.3% – What’s Next?

Ibotta, Inc. (NYSE:IBTA) was down 8.3% during mid-day trading on Tuesday . The company traded as low as $29.02 and last traded at $29.62. 105,545 shares changed hands during trading, a decline of 58% from the average daily volume of 251,954 shares. The stock had previously closed at $32.30.

Wall Street Analyst Weigh In

IBTA has been the subject of a number of research analyst reports. Zacks Research upgraded shares of Ibotta from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a report on Wednesday, June 24th. Needham & Company LLC lifted their target price on shares of Ibotta from $33.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, The Goldman Sachs Group reduced their price objective on Ibotta from $32.00 to $28.00 and set a “sell” rating for the company in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $33.83.

Ibotta Trading Down 6.2%

The company has a market capitalization of $550.65 million, a P/E ratio of -80.18 and a beta of -0.59. The stock has a 50 day moving average of $32.27 and a 200-day moving average of $28.70.

Ibotta (NYSE:IBTA) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.45. The business had revenue of $82.48 million during the quarter. Ibotta had a negative net margin of 2.15% and a negative return on equity of 2.39%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.02 earnings per share. As a group, sell-side analysts expect that Ibotta, Inc. will post 0.24 EPS for the current fiscal year.

Insider Buying and Selling at Ibotta

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.15, for a total transaction of $15,075,000.00. Following the completion of the transaction, the insider owned 3,341,308 shares in the company, valued at $100,740,436.20. This trade represents a 13.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Luke Roy Swanson sold 5,940 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $35.14, for a total transaction of $208,731.60. Following the sale, the chief technology officer directly owned 489,904 shares in the company, valued at approximately $17,215,226.56. The trade was a 1.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 613,641 shares of company stock valued at $18,702,987 in the last three months. 20.92% of the stock is currently owned by corporate insiders.

Institutional Trading of Ibotta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBTA. Deutsche Bank AG lifted its position in shares of Ibotta by 3,449.8% during the fourth quarter. Deutsche Bank AG now owns 369,890 shares of the company’s stock worth $8,408,000 after purchasing an additional 359,470 shares during the last quarter. Vanguard Group Inc. increased its position in Ibotta by 17.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company’s stock valued at $43,749,000 after purchasing an additional 232,027 shares during the period. Marshall Wace LLP purchased a new position in Ibotta during the second quarter valued at approximately $8,397,000. Hsbc Holdings PLC increased its holdings in shares of Ibotta by 29.4% in the 4th quarter. Hsbc Holdings PLC now owns 993,977 shares of the company’s stock valued at $22,210,000 after acquiring an additional 226,021 shares during the period. Finally, Jane Street Group LLC raised its holdings in Ibotta by 933.0% in the fourth quarter. Jane Street Group LLC now owns 224,529 shares of the company’s stock worth $5,104,000 after purchasing an additional 202,793 shares in the last quarter.

Ibotta Company Profile

Ibotta (NYSE: IBTA) is a Denver‐based mobile commerce platform that connects consumers, retailers and brands through a unified cash-back rewards experience. Users access the Ibotta mobile app or browser extension to unlock rebates on everyday purchases, redeemable on groceries, retail goods, travel bookings and digital services. The platform integrates with major supermarket chains, big‐box retailers and online merchants, enabling shoppers to earn automatic cash-back both in physical stores and across e-commerce channels.

Founded in 2012 by co‐founder and CEO Bryan Leach, Ibotta has evolved from a simple rebate app into a comprehensive performance marketing partner for consumer goods companies.