Needham & Company LLC Raises Ibotta (NYSE:IBTA) Price Target to $70.00

Ibotta (NYSE:IBTA) had its price objective lifted by equities researchers at Needham & Company LLC from $60.00 to $70.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 22.81% from the stock’s previous close.

Separately, The Goldman Sachs Group lowered their price target on Ibotta from $56.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.60.

Ibotta Price Performance

Shares of NYSE:IBTA opened at $57.00 on Thursday. Ibotta has a 1 year low of $31.40 and a 1 year high of $108.65. The business has a 50 day simple moving average of $45.74 and a two-hundred day simple moving average of $59.68. The firm has a market capitalization of $1.77 billion and a PE ratio of 31.84.

Ibotta (NYSE:IBTA) last announced its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $84.57 million during the quarter, compared to analysts’ expectations of $81.70 million. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.33 EPS.

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

Hedge Funds Weigh In On Ibotta

Large investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Ibotta in the first quarter worth approximately $25,000. GAMMA Investing LLC increased its position in shares of Ibotta by 2,859.7% during the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company’s stock worth $840,000 after purchasing an additional 1,916 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Ibotta during the first quarter worth $161,000. New York State Common Retirement Fund increased its position in shares of Ibotta by 58.1% during the first 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 in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company’s stock worth $284,000 after purchasing an additional 6,055 shares in the last quarter.

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.