Short Interest in Ibotta, Inc. (NYSE:IBTA) Drops By 21.0%

Ibotta, Inc. (NYSE:IBTA) was the recipient of a significant decrease in short interest in March. As of March 15th, there was short interest totalling 1,320,000 shares, a decrease 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 trading volume, of 464,900 shares, the short-interest ratio is currently 2.8 days.

Ibotta Stock Up 4.5 %

Shares of NYSE:IBTA traded up $1.92 during midday trading on Tuesday, hitting $44.12. The stock had a trading volume of 393,314 shares, compared to its average volume of 454,790. The stock has a 50-day moving average price of $56.52. The company has a market capitalization of $1.23 billion and a P/E ratio of 24.65. Ibotta has a fifty-two week low of $31.40 and a fifty-two week high of $117.59.

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