Ibotta, Inc. (NYSE:IBTA) Sees Significant Growth in Short Interest

Ibotta, Inc. (NYSE:IBTA - Get Free Report) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 1,830,000 shares, an increase of 38.6% from the March 15th total of 1,320,000 shares. Based on an average daily trading volume, of 462,700 shares, the short-interest ratio is presently 4.0 days. Currently, 14.3% of the company's stock are short sold.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group decreased their price target on Ibotta from $56.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IBTA. AMI Asset Management Corp bought a new position in shares of Ibotta in the first quarter worth about $488,000. GAMMA Investing LLC grew its holdings in Ibotta by 2,859.7% in the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock valued at $840,000 after buying an additional 1,916 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Ibotta by 6.6% in the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after buying an additional 1,252 shares during the period.

Ibotta Stock Up 2.3 %

Shares of NYSE:IBTA traded up $1.09 during trading on Thursday, reaching $47.73. The stock had a trading volume of 145,712 shares, compared to its average volume of 439,909. The stock has a fifty day simple moving average of $46.11 and a two-hundred day simple moving average of $61.06. Ibotta has a 52 week low of $31.40 and a 52 week high of $110.63. The firm has a market capitalization of $1.26 billion and a price-to-earnings ratio of 26.66.

Ibotta declared that its Board of Directors has approved a stock repurchase program on Wednesday, March 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are often 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.