Ibotta (NYSE:IBTA) Trading Up 4.9% - Here's What Happened

Ibotta, Inc. (NYSE:IBTA - Get Free Report) shares were up 4.9% during trading on Tuesday . The company traded as high as $44.69 and last traded at $44.28. Approximately 182,159 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 451,096 shares. The stock had previously closed at $42.20.

Ibotta Stock Down 0.5 %

The stock has a market cap of $1.23 billion and a price-to-earnings ratio of 24.59. The stock's 50 day moving average price is $54.82.

Ibotta announced that its board has initiated a share buyback plan on Wednesday, March 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership 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.