Ibotta (NYSE:IBTA) Earns “Market Outperform” Rating from JMP Securities

Ibotta (NYSE:IBTA)‘s stock had its “market outperform” rating restated by stock analysts at JMP Securities in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $58.00 price target on the stock. JMP Securities’ target price would suggest a potential upside of 1.75% from the stock’s previous close.

IBTA has been the topic of a number of other reports. The Goldman Sachs Group cut their target price on Ibotta from $56.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Wells Fargo & Company raised their price target on shares of Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Needham & Company LLC lifted their target price on Ibotta from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.60.

Ibotta Price Performance

NYSE:IBTA opened at $57.00 on Thursday. The company has a market cap of $1.77 billion and a PE ratio of 31.84. The firm’s 50 day simple moving average is $45.74 and its 200 day simple moving average is $59.68. Ibotta has a one year low of $31.40 and a one year high of $108.65.

Ibotta (NYSE:IBTA) last posted its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $84.57 million for the quarter, compared to analyst estimates of $81.70 million. During the same quarter last year, the company earned $0.33 earnings per share. The company’s quarterly revenue was up 2.8% compared to the same quarter last year.

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

Institutional Trading of Ibotta

Hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Ibotta during the first quarter worth about $25,000. Jones Financial Companies Lllp purchased a new stake in shares of Ibotta during the 1st quarter worth approximately $161,000. New York State Common Retirement Fund raised its holdings in shares of Ibotta by 58.1% in the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock worth $207,000 after purchasing an additional 1,800 shares during the period. Federated Hermes Inc. lifted its stake in Ibotta by 883.9% in the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company’s stock valued at $284,000 after purchasing an additional 6,055 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in Ibotta by 53.6% during the first quarter. Invesco Ltd. now owns 7,962 shares of the company’s stock valued at $336,000 after purchasing an additional 2,780 shares during the period.

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.