UBS Group Forecasts Strong Price Appreciation for Ibotta (NYSE:IBTA) Stock

Ibotta (NYSE:IBTA) had its price target lifted by equities research analysts at UBS Group from $42.00 to $55.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s price target would suggest a potential downside of 3.51% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Company boosted their price objective on shares of Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday. Needham & Company LLC lifted their target price on shares of Ibotta from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group lowered their price target on Ibotta from $56.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $58.00 price objective on shares of Ibotta in a report on Thursday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.60.

Ibotta Stock Performance

Shares of IBTA stock opened at $57.00 on Thursday. The company has a market capitalization of $1.77 billion and a price-to-earnings ratio of 31.84. Ibotta has a one year low of $31.40 and a one year high of $108.65. The company’s 50-day moving average is $45.74 and its 200 day moving average is $59.68.

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

Ibotta announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase 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 stock is undervalued.

Institutional Trading of Ibotta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBTA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Ibotta by 5.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock worth $396,000 after acquiring an additional 515 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Ibotta in the 1st quarter worth $25,000. Deutsche Bank AG lifted its position in Ibotta by 6.9% during the first quarter. Deutsche Bank AG now owns 11,030 shares of the company’s stock valued at $465,000 after purchasing an additional 713 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock valued at $853,000 after buying an additional 1,252 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in 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 acquiring an additional 1,800 shares in the last quarter.

Ibotta Company Profile

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.