JPMorgan Chase & Co. Sells 82,786 Shares of Ibotta, Inc. $IBTA

JPMorgan Chase & Co. lessened its position in shares of Ibotta, Inc. (NYSE:IBTA) by 12.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 572,090 shares of the company’s stock after selling 82,786 shares during the quarter. JPMorgan Chase & Co.’s holdings in Ibotta were worth $15,933,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Ibotta by 17.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company’s stock worth $43,749,000 after acquiring an additional 232,027 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Ibotta by 15.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,281,219 shares of the company’s stock worth $35,682,000 after purchasing an additional 168,054 shares during the last quarter. Amova Asset Management Americas Inc. raised its stake in Ibotta by 15.6% during the third quarter. Amova Asset Management Americas Inc. now owns 1,279,652 shares of the company’s stock valued at $35,600,000 after purchasing an additional 172,314 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its position in Ibotta by 5.1% during the second quarter. Nikko Asset Management Americas Inc. now owns 1,107,338 shares of the company’s stock valued at $40,529,000 after purchasing an additional 53,820 shares during the last quarter. Finally, ARK Investment Management LLC lifted its position in Ibotta by 39.3% during the third quarter. ARK Investment Management LLC now owns 907,386 shares of the company’s stock valued at $25,271,000 after purchasing an additional 255,899 shares during the last quarter.

Insiders Place Their Bets

In other Ibotta news, insider Marisa Daspit sold 2,956 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $24.06, for a total value of $71,121.36. Following the completion of the sale, the insider owned 127,597 shares of the company’s stock, valued at $3,069,983.82. This trade represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 16.08% of the stock is owned by company insiders.

Ibotta Stock Up 1.2%

NYSE IBTA opened at $29.51 on Friday. Ibotta, Inc. has a 52 week low of $19.10 and a 52 week high of $62.74. The firm has a market capitalization of $625.91 million, a price-to-earnings ratio of 268.30 and a beta of -1.20. The company has a fifty day moving average of $23.16 and a two-hundred day moving average of $25.25.

Ibotta (NYSE:IBTA) last announced its earnings results on Wednesday, February 25th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.30. The business had revenue of $88.53 million for the quarter. Ibotta had a net margin of 1.04% and a return on equity of 1.04%. The company’s revenue was down 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.67 EPS.

Ibotta announced that its Board of Directors has authorized a stock repurchase program on Wednesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 21.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have recently weighed in on IBTA. Wall Street Zen downgraded shares of Ibotta from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Wells Fargo & Company lifted their price target on Ibotta from $30.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 26th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $33.14.

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.