Ibotta, Inc. (NYSE:IBTA) Short Interest Down 21.0% in March

Ibotta, Inc. (NYSE:IBTA) saw a significant decline in short interest in the month of 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 company’s shares are short sold. Based on an average daily trading volume, of 464,900 shares, the days-to-cover ratio is currently 2.8 days.

Ibotta Stock Performance

Shares of Ibotta stock traded up $0.42 during midday trading on Wednesday, reaching $44.68. 378,142 shares of the company’s stock traded hands, compared to its average volume of 453,554. Ibotta has a 12 month low of $31.40 and a 12 month high of $117.59. The company has a market capitalization of $1.25 billion and a P/E ratio of 24.96. The company’s 50 day moving average is $55.38.

Ibotta declared that its Board of Directors has initiated a share buyback 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 usually a sign that the company’s management believes its shares are 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.