Ibotta (NYSE:IBTA) Stock: Insider Christopher Riedy Sells 12,259 Shares

Ibotta, Inc. (NYSE:IBTA) CRO Christopher Riedy sold 12,259 shares of Ibotta stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $60.00, for a total transaction of $735,540.00. Following the completion of the sale, the executive directly owned 351,128 shares in the company, valued at approximately $21,067,680. This represents a 3.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Ibotta Trading Up 0.8%

IBTA opened at $60.40 on Wednesday. Ibotta, Inc. has a twelve month low of $19.10 and a twelve month high of $66.39. The company’s 50-day moving average price is $45.16 and its two-hundred day moving average price is $33.95.

Ibotta (NYSE:IBTA) last issued its quarterly earnings results on Monday, November 2nd. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.49. The company had revenue of $97.83 million during the quarter. Ibotta had a negative net margin of 4.49% and a negative return on equity of 5.51%. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.56 EPS. Sell-side analysts expect that Ibotta, Inc. will post 0.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Ibotta

Several hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its position 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 valued at $7,168,000 after purchasing an additional 36,223 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Ibotta by 17.7% during the first quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock valued at $7,172,000 after buying an additional 35,992 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Ibotta by 1.5% in the first quarter. Hsbc Holdings PLC now owns 1,009,287 shares of the company’s stock worth $30,581,000 after buying an additional 15,310 shares during the period. Sei Investments Co. purchased a new position in shares of Ibotta in the first quarter worth about $344,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Ibotta in the 2nd quarter valued at about $328,000.

Analysts Set New Price Targets

A number of analysts have issued reports on IBTA shares. Needham & Company LLC raised their target price on Ibotta from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, November 3rd. UBS Group upped their price target on Ibotta from $30.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Evercore set a $58.00 price target on Ibotta in a research note on Tuesday, November 3rd. The Goldman Sachs Group raised Ibotta from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $35.00 to $58.00 in a report on Tuesday, November 3rd. Finally, Weiss Ratings raised shares of Ibotta from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, November 4th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $50.00.

About Ibotta

Ibotta, Inc. operates a digital promotions platform that connects consumer packaged goods brands and retailers with shoppers. Its technology helps brands distribute offers and measure consumer engagement and sales activity. Consumers can access cash-back offers through the Ibotta app and website, as well as through participating retailers and third-party publishers. Depending on the offer, shoppers redeem rewards by submitting a receipt or linking a retailer loyalty account. Founded in 2011 and headquartered in Denver, Colorado, Ibotta primarily serves the U.S. market.