Deutsche Bank AG Buys 713 Shares of Ibotta, Inc. $IBTA

Deutsche Bank AG boosted its stake in shares of Ibotta, Inc. (NYSE:IBTA) by 6.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,030 shares of the company’s stock after purchasing an additional 713 shares during the period. Deutsche Bank AG’s holdings in Ibotta were worth $465,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Nikko Asset Management Americas Inc. lifted its position in Ibotta by 68.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company’s stock valued at $44,458,000 after purchasing an additional 429,516 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in Ibotta by 67.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company’s stock valued at $44,047,000 after purchasing an additional 419,516 shares during the period. ARK Investment Management LLC lifted its position in Ibotta by 299.8% during the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company’s stock valued at $29,722,000 after purchasing an additional 528,147 shares during the period. Pacer Advisors Inc. bought a new position in Ibotta during the first quarter valued at approximately $3,539,000. Finally, Wilkins Investment Counsel Inc. lifted its position in Ibotta by 1,608.5% during the first quarter. Wilkins Investment Counsel Inc. now owns 63,727 shares of the company’s stock valued at $2,689,000 after purchasing an additional 59,997 shares during the period.

Insiders Place Their Bets

In other Ibotta news, CMO Richard I. Donahue sold 85,289 shares of Ibotta stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the completion of the transaction, the chief marketing officer directly owned 199,773 shares of the company’s stock, valued at $8,608,218.57. This trade represents a 29.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of Ibotta stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the transaction, the insider directly owned 3,841,308 shares of the company’s stock, valued at approximately $134,445,780. This represents a 29.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,168,309 shares of company stock valued at $77,451,721 over the last three months. Corporate insiders own 16.08% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on IBTA shares. Bank of America reiterated an “underperform” rating and issued a $24.00 price target (down from $57.00) on shares of Ibotta in a research report on Thursday, August 14th. JMP Securities reiterated a “market perform” rating on shares of Ibotta in a research report on Thursday, August 14th. Citizens Jmp downgraded shares of Ibotta from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 14th. Citigroup downgraded shares of Ibotta from a “buy” rating to a “market perform” rating in a research report on Thursday, August 14th. Finally, Evercore ISI reiterated an “in-line” rating and issued a $38.00 price target (down from $65.00) on shares of Ibotta in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Ibotta has a consensus rating of “Hold” and a consensus price target of $34.71.

Ibotta Stock Performance

IBTA opened at $25.63 on Thursday. Ibotta, Inc. has a fifty-two week low of $22.50 and a fifty-two week high of $79.80. The stock has a market capitalization of $647.41 million, a price-to-earnings ratio of 8.90, a PEG ratio of 20.37 and a beta of -1.27. The company has a fifty day moving average of $34.60 and a 200 day moving average of $46.04.

Ibotta announced that its Board of Directors has authorized a share repurchase plan on Monday, June 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

About Ibotta

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.