DENVER—Marisa Daspit, Chief People Officer of Ibotta, Inc. (NASDAQ:IBTA), recently executed a series of transactions involving the company's Class A Common Stock. On December 16, Daspit sold a total of 521 shares, resulting in a transaction value of approximately $38,641. The shares were sold at prices ranging from $73.30 to $75.24 per share. The $2.2 billion market cap company maintains impressive financial health, with an exceptional gross profit margin of 87% and strong liquidity metrics.
In addition to the sales, Daspit also acquired 521 shares through the exercise of stock options at a price of $10.40 per share. Following these transactions, Daspit holds 22,685 shares directly. According to InvestingPro analysis, IBTA's current stock price indicates the company may be undervalued relative to its Fair Value.
The transactions were conducted as part of a pre-established Rule 10b5-1 trading plan, which Daspit set up in late August 2024. For deeper insights into insider trading patterns and comprehensive financial analysis, including 12 additional ProTips and detailed valuation metrics, check out the full research report available on InvestingPro.
In other recent news, Ibotta Inc. has announced a new $100 million credit agreement with Bank of America, ending its previous agreement with Silicon Valley Bank. The new agreement offers Ibotta access to revolving commitments totaling $100 million, including a $10 million sub-facility for letters of credit and an equal amount for swingline loans. The company's obligations are secured by a lien on all its assets, and the agreement includes provisions for requesting up to an additional $100 million in incremental revolving commitments.
Ibotta has also reported its third-quarter results, exceeding expectations due to strong performance in third-party partner promotions, despite a decrease in direct-to-consumer revenue. However, the rapid usage of its 2024 advertising budget has led to projections of lower fourth-quarter revenue and EBITDA. Despite these projections, Ibotta's investments in enhanced measurement and targeting tools are expected to drive growth in advertising budget allocations for 2025.
Several analyst firms have adjusted their outlooks on Ibotta. Citi reduced the stock's price target to $82 from $95, maintaining a Buy rating, while Needham also adjusted its price target for Ibotta to $80, maintaining a Buy rating. UBS downgraded its rating from Buy to Neutral and lowered its price target to $65, citing concerns about advertiser budget growth. Conversely, Goldman Sachs upgraded Ibotta to Buy, citing a compelling valuation and risk/reward balance. The company also initiated a $100 million share repurchase program, signaling potential future growth.
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