Ibotta (NYSE:IBTA) Sets New 12-Month High – Here’s What Happened

Ibotta, Inc. (NYSE:IBTA)’s stock price reached a new 52-week high during mid-day trading on Friday. The stock traded as high as $43.85 and last traded at $42.84, with a volume of 18809 shares traded. The stock had previously closed at $43.28.

Analyst Ratings Changes

Several research firms have recently commented on IBTA. Evercore set a $42.00 target price on Ibotta in a research note on Tuesday, August 4th. The Goldman Sachs Group raised their price target on Ibotta from $28.00 to $32.00 and gave the company a “sell” rating in a report on Tuesday, August 4th. Wells Fargo & Company lifted their price objective on Ibotta from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a report on Monday, September 21st. Finally, Needham & Company LLC restated a “buy” rating and set a $45.00 target price on shares of Ibotta in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $36.50.

Ibotta Trading Down 0.3%

The business’s fifty day simple moving average is $38.42 and its 200 day simple moving average is $34.43. The stock has a market cap of $871.75 million, a price-to-earnings ratio of -91.83 and a beta of -0.29.

Insider Buying and Selling at Ibotta

In other Ibotta news, Director Thomas D. Lehrman sold 19,561 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $36.22, for a total value of $708,499.42. Following the transaction, the director owned 25,312 shares of the company’s stock, valued at approximately $916,800.64. This represents a 43.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Luke Swanson sold 20,100 shares of the firm’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $40.04, for a total value of $804,804.00. Following the transaction, the chief technology officer owned 446,032 shares in the company, valued at approximately $17,859,121.28. This trade represents a 4.31% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 116,068 shares of company stock worth $4,271,876 over the last 90 days. 20.92% of the stock is owned by corporate insiders.

Institutional Trading of Ibotta

Institutional investors and hedge funds have recently modified their holdings of the stock. Essential Partners LLC raised its position in shares of 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 acquiring an additional 816 shares during the period. Meeder Asset Management Inc. acquired a new position in Ibotta during the first quarter valued at approximately $39,000. New York State Teachers Retirement System bought a new stake in Ibotta in the first quarter valued at approximately $39,000. Caitong International Asset Management Co. Ltd increased its stake in Ibotta by 335.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,754 shares of the company’s stock valued at $63,000 after purchasing an additional 2,122 shares in the last quarter. Finally, Aristides Capital LLC acquired a new stake in Ibotta in the fourth quarter worth $220,000.

About Ibotta

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Its services help consumers earn cash back and other incentives by engaging with offers from consumer packaged goods brands and retailers.

The company’s platform is available through the Ibotta mobile application, website, and integrated retail and digital-commerce experiences. Users can browse eligible offers, make qualifying purchases, and receive rewards after submitting proof of purchase or linking eligible loyalty accounts.