Ibotta, Inc. (NYSE:IBTA) Receives $61.60 Consensus Target Price from Analysts

Ibotta, Inc. (NYSE:IBTA) has been given an average rating of “Moderate Buy” by the six brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $61.60.

Several research analysts recently issued reports on the company. Wells Fargo & Company lifted their price objective on Ibotta from $52.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. The Goldman Sachs Group lifted their price objective on Ibotta from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Needham & Company LLC lifted their price objective on Ibotta from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. UBS Group lifted their price objective on Ibotta from $42.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, May 15th. Finally, Evercore ISI restated an “outperform” rating on shares of Ibotta in a research report on Thursday, May 15th.

Ibotta Stock Performance

Shares of IBTA stock opened at $41.55 on Friday. The stock’s 50-day moving average is $48.70 and its two-hundred day moving average is $58.52. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 28.07 and a beta of -0.84. Ibotta has a 1 year low of $31.40 and a 1 year high of $79.80.

Ibotta (NYSE:IBTA) last released its quarterly 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 company had revenue of $84.57 million for the quarter, compared to analysts’ expectations of $81.70 million. During the same period in the prior year, the business earned $0.33 EPS. The business’s quarterly revenue was up 2.8% compared to the same quarter last year.

Ibotta declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of Ibotta stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.15, for a total value of $250,750.00. Following the transaction, the insider now directly owns 563,181 shares in the company, valued at approximately $28,243,527.15. The trade was a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Marisa Daspit sold 1,243 shares of the business’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $49.44, for a total value of $61,453.92. Following the transaction, the insider now owns 56,282 shares in the company, valued at $2,782,582.08. This represents a 2.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,555 shares of company stock worth $3,703,146. 16.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IBTA. Southpoint Capital Advisors LP lifted its stake in shares of 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 purchasing an additional 499,556 shares during the period. Nikko Asset Management Americas Inc. increased its holdings in Ibotta by 68.8% in the first quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company’s stock valued at $44,458,000 after purchasing an additional 429,516 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Ibotta by 67.2% in the first 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 during the period. ARK Investment Management LLC boosted its holdings in Ibotta by 299.8% during the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company’s stock worth $29,722,000 after buying an additional 528,147 shares during the last quarter. Finally, Citigroup Inc. grew its position in shares of Ibotta by 2,500.8% during the 1st quarter. Citigroup Inc. now owns 334,460 shares of the company’s stock worth $14,114,000 after buying an additional 321,600 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.