Ibotta (NYSE:IBTA) Shares Down 8.7% – Here’s Why

Ibotta, Inc. (NYSE:IBTA)’s share price fell 8.7% during mid-day trading on Monday . The company traded as low as $35.07 and last traded at $35.07. 25,752 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 261,175 shares. The stock had previously closed at $38.42.

Wall Street Analyst Weigh In

IBTA has been the topic of several research reports. Wells Fargo & Company boosted their target price on Ibotta from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 4th. The Goldman Sachs Group lifted their target price on Ibotta from $28.00 to $32.00 and gave the company a “sell” rating in a research report on Tuesday, August 4th. Needham & Company LLC reiterated a “buy” rating and set a $45.00 target price on shares of Ibotta in a report on Tuesday, August 4th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research report on Wednesday, June 24th. Finally, Wall Street Zen upgraded Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $36.50.

Ibotta Price Performance

The stock has a 50-day moving average price of $31.57 and a 200-day moving average price of $29.29. The company has a market capitalization of $713.46 million, a price-to-earnings ratio of -75.15 and a beta of -0.43.

Insider Buying and Selling at Ibotta

In related news, CTO Luke Roy Swanson sold 5,940 shares of Ibotta stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $24.47, for a total transaction of $145,351.80. Following the completion of the sale, the chief technology officer owned 483,964 shares of the company’s stock, valued at approximately $11,842,599.08. The trade was a 1.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of the stock in a transaction dated Monday, July 6th. The shares were 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 directly owned 3,341,308 shares in the company, valued at approximately $100,740,436.20. This represents a 13.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 609,581 shares of company stock worth $18,513,139 over the last ninety days. Insiders own 20.92% of the company’s stock.

Hedge Funds Weigh In On Ibotta

Institutional investors and hedge funds have recently made changes to their positions in the company. Hsbc Holdings PLC boosted its holdings in 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 purchasing an additional 226,021 shares during the period. Renaissance Technologies LLC grew its position in Ibotta by 17.7% during the first quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock worth $7,172,000 after buying an additional 35,992 shares in the last quarter. FourThought Financial Partners LLC acquired a new position in Ibotta in the 4th quarter valued at $526,000. Bank of America Corp DE grew its holdings in shares of Ibotta by 17.8% during the 1st quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock worth $7,168,000 after purchasing an additional 36,223 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in Ibotta by 47,920.0% in the fourth quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company’s stock valued at $55,000 after purchasing an additional 2,396 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.