Ibotta, Inc. (NYSE:IBTA) Sees Large Decline in Short Interest

Ibotta, Inc. (NYSE:IBTA) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 1,320,000 shares, a decline of 21.0% from the February 28th total of 1,670,000 shares. Currently, 10.3% of the shares of the stock are short sold. Based on an average daily volume of 464,900 shares, the days-to-cover ratio is currently 2.8 days.

Ibotta Trading Down 4.3 %

IBTA stock opened at $42.50 on Monday. The firm has a market capitalization of $1.19 billion and a price-to-earnings ratio of 23.74. Ibotta has a 12 month low of $31.40 and a 12 month high of $117.59. The company’s 50 day simple moving average is $57.15.

Ibotta announced that its Board of Directors has approved a share repurchase plan on Wednesday, March 12th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Ibotta Company Profile

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.