Ibotta (NYSE:IBTA) Trading 4.9% Higher – Here’s What Happened

Ibotta, Inc. (NYSE:IBTA)’s share price was up 4.9% during trading on Tuesday . The stock 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 Price Performance

The company has a market cap of $1.23 billion and a P/E ratio of 24.63. The stock has a 50 day moving average of $56.52.

Ibotta declared that its board has initiated a stock repurchase plan on Wednesday, March 12th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors 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.