Ibotta, Inc. $IBTA Stake Decreased by AMI Asset Management Corp

AMI Asset Management Corp trimmed its holdings in Ibotta, Inc. (NYSE:IBTA) by 35.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 7,503 shares of the company’s stock after selling 4,065 shares during the quarter. AMI Asset Management Corp’s holdings in Ibotta were worth $275,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Ibotta by 5.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock worth $396,000 after acquiring an additional 515 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Ibotta in the first quarter worth about $25,000. Deutsche Bank AG grew its position in Ibotta by 6.9% in the 1st quarter. Deutsche Bank AG now owns 11,030 shares of the company’s stock valued at $465,000 after buying an additional 713 shares in the last quarter. Rhumbline Advisers increased its stake in Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock valued at $853,000 after buying an additional 1,252 shares during the period. Finally, New York State Common Retirement Fund increased its stake in Ibotta by 58.1% during the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock valued at $207,000 after buying an additional 1,800 shares during the period.

Ibotta Stock Performance

Ibotta stock opened at $28.57 on Thursday. Ibotta, Inc. has a 1 year low of $22.50 and a 1 year high of $79.80. The firm’s 50 day moving average price is $29.36 and its two-hundred day moving average price is $39.13. The firm has a market cap of $721.68 million, a price-to-earnings ratio of 9.92, a price-to-earnings-growth ratio of 22.28 and a beta of -1.20.

Ibotta announced that its Board of Directors has approved a stock repurchase plan on Monday, June 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 8.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have recently weighed in on IBTA shares. Citigroup lowered shares of Ibotta from a “buy” rating to a “market perform” rating in a research note on Thursday, August 14th. Wall Street Zen upgraded Ibotta from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Evercore ISI reiterated an “in-line” rating and set a $38.00 price target (down from $65.00) on shares of Ibotta in a research report on Thursday, August 14th. Wells Fargo & Company reissued an “equal weight” rating and issued a $30.00 price objective (down previously from $60.00) on shares of Ibotta in a research note on Thursday, August 14th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Ibotta in a research note on Thursday, August 14th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Ibotta presently has an average rating of “Hold” and a consensus price target of $34.71.

Ibotta Profile

Ibotta’s mission is to Make Every Purchase Rewarding. Our technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network (IPN). We are pioneers in success-based marketing: we only get paid when our client’s promotion results in a sale, not when a consumer merely views or clicks on the promotion.