Ibotta (NYSE:IBTA) Price Target Raised to $65.00

Ibotta (NYSE:IBTA) had its target price hoisted by The Goldman Sachs Group from $50.00 to $65.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also issued reports on IBTA. Wells Fargo & Company increased their target price on shares of Ibotta from $52.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday. Needham & Company LLC increased 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. JMP Securities reaffirmed a “market outperform” rating and set a $58.00 price target on shares of Ibotta in a research note on Thursday. Finally, UBS Group lifted their target price on shares of Ibotta from $42.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $61.60.

Ibotta Stock Down 5.4%

Shares of NYSE:IBTA opened at $57.00 on Friday. The company’s 50 day moving average price is $45.74 and its two-hundred day moving average price is $59.68. Ibotta has a 12-month low of $31.40 and a 12-month high of $108.65. The firm has a market cap of $1.77 billion and a PE ratio of 31.84.

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

Ibotta declared that its Board of Directors has initiated a share repurchase 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IBTA. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Ibotta during the first quarter worth about $25,000. GAMMA Investing LLC boosted its holdings in 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 during the last quarter. Jones Financial Companies Lllp purchased a new position in Ibotta during the first quarter worth about $161,000. New York State Common Retirement Fund boosted its holdings in 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 during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in 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 during 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.