Ibotta (NYSE:IBTA) Shares Down 8.3% – Here’s Why

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their target price on Ibotta from $32.00 to $28.00 and set a “sell” rating on the stock in a research report on Wednesday, July 8th. Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Needham & Company LLC increased their price target on Ibotta from $33.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a report on Wednesday, June 24th. Finally, Zacks Research upgraded Ibotta from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Ibotta presently has a consensus rating of “Reduce” and a consensus price target of $33.83.

Ibotta Stock Down 8.5%

The company has a market capitalization of $597.31 million, a price-to-earnings ratio of -86.97 and a beta of -0.59. The stock’s 50-day simple moving average is $32.46 and its two-hundred day simple moving average is $28.62.

Ibotta (NYSE:IBTA) last announced its earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.45. The business had revenue of $82.48 million for the quarter. Ibotta had a negative net margin of 2.15% and a negative return on equity of 2.39%. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.02 EPS. On average, sell-side analysts forecast that Ibotta, Inc. will post 0.24 EPS for the current year.

Insider Buying and Selling

In related news, CTO Luke Roy Swanson sold 5,940 shares of Ibotta stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $35.14, for a total value 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 business’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 value of $15,075,000.00. Following the sale, the insider owned 3,341,308 shares of the company’s stock, valued at approximately $100,740,436.20. This trade represents a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 613,641 shares of company stock worth $18,702,987. Insiders own 20.92% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Essential Partners LLC raised its stake in Ibotta by 40,800.0% in the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock valued at $25,000 after purchasing an additional 816 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Ibotta during the 1st quarter worth $39,000. New York State Teachers Retirement System purchased a new stake in shares of Ibotta during the first quarter worth $39,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Ibotta by 187.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock worth $41,000 after buying an additional 1,185 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of 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 buying an additional 2,396 shares during 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.