Ibotta’s (IBTA) Underperform Rating Reiterated at Bank of America

Bank of America reiterated their underperform rating on shares of Ibotta (NYSE:IBTA) in a research note released on Thursday, Marketbeat.com reports. Bank of America currently has a $24.00 target price on the stock, down from their prior target price of $57.00.

Several other equities research analysts have also recently weighed in on the stock. The Goldman Sachs Group cut shares of Ibotta from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $58.00 to $30.00 in a research report on Thursday. UBS Group raised their price objective on shares of Ibotta from $42.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, May 15th. Wells Fargo & Company raised their price objective on shares of Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. JMP Securities restated a “market outperform” rating and issued a $58.00 price objective on shares of Ibotta in a research report on Thursday, May 15th. Finally, Evercore ISI restated an “in-line” rating and issued a $38.00 price objective (down previously from $65.00) on shares of Ibotta in a research report on Thursday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $34.71.

Ibotta Trading Up 2.7%

IBTA opened at $24.25 on Thursday. The stock has a market capitalization of $612.56 million, a PE ratio of 8.42, a PEG ratio of 2.01 and a beta of -1.27. Ibotta has a 1-year low of $22.50 and a 1-year high of $79.80. The firm has a 50-day moving average price of $37.18 and a two-hundred day moving average price of $48.63.

Ibotta (NYSE:IBTA) last posted its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $84.57 million during the quarter, compared to analysts’ expectations of $81.70 million. Ibotta had a net margin of 26.24% and a return on equity of 24.26%. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.33 EPS.

Ibotta declared that its Board of Directors has initiated a share buyback plan on Monday, June 9th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 8.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CMO Richard I. Donahue sold 85,289 shares of the business’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 transaction, the chief marketing officer owned 199,773 shares in the company, valued at approximately $8,608,218.57. The trade was a 29.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the business’s stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,192,224 shares of company stock valued at $78,652,577. Corporate insiders own 16.08% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IBTA. GAMMA Investing LLC grew 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 valued at $840,000 after purchasing an additional 1,916 shares during the period. Rhumbline Advisers grew its holdings in Ibotta by 6.6% during the first quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock valued at $853,000 after purchasing an additional 1,252 shares during the period. AMI Asset Management Corp bought a new position in Ibotta in the first quarter valued at approximately $488,000. 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 in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in Ibotta by 58.1% in the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock valued at $207,000 after buying an additional 1,800 shares in the last quarter.

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.