Brokerages Set Ibotta, Inc. (NYSE:IBTA) PT at $61.60

Shares of Ibotta, Inc. (NYSE:IBTA) have earned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $61.60.

A number of equities research analysts recently weighed in on the company. Needham & Company LLC upped their price target on Ibotta from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. UBS Group upped their price target on Ibotta from $42.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, May 15th. JMP Securities restated a “market outperform” rating and issued a $58.00 price target on shares of Ibotta in a report on Thursday, May 15th. Evercore ISI restated an “outperform” rating on shares of Ibotta in a report on Thursday, May 15th. Finally, The Goldman Sachs Group upped their price target on Ibotta from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, May 16th.

Institutional Investors Weigh In On Ibotta

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Southpoint Capital Advisors LP lifted its stake in Ibotta by 48.2% in the 1st quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company’s stock valued at $64,840,000 after buying an additional 499,556 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its stake in Ibotta by 68.8% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company’s stock valued at $44,458,000 after buying an additional 429,516 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Ibotta by 67.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company’s stock valued at $44,047,000 after buying an additional 419,516 shares in the last quarter. ARK Investment Management LLC lifted its stake in Ibotta by 299.8% in the 1st quarter. ARK Investment Management LLC now owns 704,308 shares of the company’s stock valued at $29,722,000 after buying an additional 528,147 shares in the last quarter. Finally, Citigroup Inc. lifted its stake in Ibotta by 2,500.8% in the 1st quarter. Citigroup Inc. now owns 334,460 shares of the company’s stock valued at $14,114,000 after buying an additional 321,600 shares in the last quarter.

Ibotta Trading Down 4.1%

NYSE IBTA opened at $53.07 on Monday. The business’s 50 day moving average is $46.60 and its two-hundred day moving average is $59.58. Ibotta has a 12-month low of $31.40 and a 12-month high of $108.65. The stock has a market capitalization of $1.65 billion and a price-to-earnings ratio of 35.86.

Ibotta (NYSE:IBTA) last released 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 business had revenue of $84.57 million for the quarter, compared to analyst estimates of $81.70 million. The business’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 announced that its board has initiated a share repurchase plan on Wednesday, March 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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.