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Steve Strazza

D.E. Shaw Reports a Significant Investment in IBTA

October 25, 2024

The most significant insider buy on today’s list is a $913,648 purchase of Ibotta Inc $IBTA by D.E. Shaw & Company, a data-driven investment giant with $120.5 billion in assets under management.

Among its top holdings are market winners like Microsoft, Apple, and Nvidia.

The inclusion of Ibotta signals strong growth potential and suggests the company could be on the verge of something big.

Here’s The Hot Corner, with data from October 24, 2024:

241025_hot_corner_table

Elsewhere, Deep Track Capital filed a 13D for Dynavax Technologies Corporation $DVAX revealing an increase in its ownership stake from 9.56% to 13.60%.

And, in another Form 4, the EVP and CFO of ManpowerGroup Inc $MAN bought $498,240 of MAN shares.

Ibotta went public on April 18 but immediately plummeted 60%. However, by mid-August, it found its footing and established a tradable low.

Since then, IBTA has been carving out a short-term reversal pattern with a V-bottom shape:

241025_hot_corner_ibta

Price is currently testing the 38.2% retracement level.

If and when this level of 70.75 is reclaimed, we can start thinking of a valid trend reversal.

Have a great weekend. We'll be back on Monday with more insider activity.

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