In a recent regulatory filing, Ibotta, Inc. (NASDAQ:IBTA), a $2.3 billion market cap company with an impressive 87% gross profit margin according to InvestingPro, disclosed that Marisa Daspit, the company's Chief People Officer, executed a series of stock transactions. On December 2, Daspit sold a total of 8,888 shares of Ibotta's Class A Common Stock, garnering approximately $670,893. The shares were sold at a weighted average price ranging from $75.4686 to $76.2224 per share.
Additionally, on December 2, Daspit exercised options to acquire 8,888 shares of Class A Common Stock at a price of $22.20 per share. These transactions were conducted under a pre-established Rule 10b5-1 trading plan. Following these transactions, Daspit holds 27,448 shares of Ibotta's Class A Common Stock.
In other recent news, Ibotta Inc. has been the subject of multiple revisions by major financial firms following its recent earnings and revenue results. Citi adjusted its outlook on Ibotta, lowering the stock's price target to $82 from $95, despite the third-quarter results exceeding expectations. This was due to a projected dip in fourth-quarter revenue and EBITDA, caused by the rapid consumption of its 2024 advertising budget.
On the other hand, Goldman Sachs (NYSE:GS) upgraded Ibotta to Buy, maintaining a price target of $87. This decision was based on what the firm perceives as a compelling valuation and risk/reward balance for the company.
Furthermore, UBS downgraded Ibotta from Buy to Neutral, significantly reducing the price target to $65 from $90, citing concerns about the correlation between the growth of Ibotta's user base and the increase in advertiser budgets. Meanwhile, Needham decreased the price target for Ibotta to $80 from $100, while maintaining a Buy rating, citing budget constraints expected to persist into 2025.
In addition to these analyst adjustments, Ibotta has initiated a $100 million share repurchase program, signaling potential future growth. This recent development, alongside the company's new partnership with CART, has been highlighted as a key driver of future growth, despite near-term challenges in the advertising sector. These are recent developments that investors should consider while making investment decisions.
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