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

Ibotta, Inc. (NYSE:IBTA) has received a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to 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 research analysts have commented on the stock. The Goldman Sachs Group increased their price objective on shares of Ibotta from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Wells Fargo & Company increased their price objective on shares of Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. JMP Securities reiterated a “market outperform” rating and set a $58.00 price objective on shares of Ibotta in a research note on Thursday, May 15th. UBS Group raised their price target on shares of 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.

Insider Activity at Ibotta

In related news, CMO Richard I. Donahue sold 85,289 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the completion of the sale, the chief marketing officer directly owned 199,773 shares in the company, valued at approximately $8,608,218.57. This trade represents a 29.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the firm’s stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the sale, the insider owned 3,841,308 shares of the company’s stock, valued at approximately $134,445,780. This represents a 29.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,192,224 shares of company stock valued at $78,652,577. 16.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ibotta

A number of institutional investors have recently modified their holdings of the company. Southpoint Capital Advisors LP raised its position in shares of Ibotta by 48.2% in the first 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. Sumitomo Mitsui Trust Group Inc. increased its position in Ibotta by 6.6% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,113,165 shares of the company’s stock worth $40,742,000 after acquiring an additional 69,407 shares during the period. Nikko Asset Management Americas Inc. increased its position in Ibotta by 68.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company’s stock worth $44,458,000 after acquiring an additional 429,516 shares during the period. ARK Investment Management LLC increased its position 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 acquiring an additional 528,147 shares during the period. Finally, Citigroup Inc. increased its position in Ibotta by 2,500.8% during the first quarter. Citigroup Inc. now owns 334,460 shares of the company’s stock worth $14,114,000 after acquiring an additional 321,600 shares during the period.

Ibotta Stock Up 3.5%

Ibotta stock opened at $35.95 on Friday. Ibotta has a 52-week low of $31.40 and a 52-week high of $79.80. The firm has a fifty day moving average of $40.41 and a 200-day moving average of $50.82. The firm has a market capitalization of $909.89 million, a P/E ratio of 24.29, a PEG ratio of 2.89 and a beta of -1.27.

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 the consensus estimate of $0.01 by $0.01. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. The firm had revenue of $84.57 million for the quarter, compared to the consensus estimate of $81.70 million. During the same quarter in the previous year, the firm posted $0.33 EPS. The firm’s quarterly revenue was up 2.8% on a year-over-year basis.

Ibotta announced that its board has approved a stock repurchase program on Monday, June 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 8.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is 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.