Ibotta (NYSE:IBTA) Rating Increased to Hold at Wall Street Zen

Ibotta (NYSE:IBTA) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

Other research analysts have also recently issued reports about the stock. Citizens Jmp cut shares of Ibotta from an “outperform” rating to a “market perform” rating in a report on Thursday, August 14th. The Goldman Sachs Group cut shares of Ibotta from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $58.00 to $30.00 in a report on Thursday, August 14th. Needham & Company LLC reduced their price objective on shares of Ibotta from $70.00 to $33.00 and set a “buy” rating for the company in a report on Thursday, August 14th. JMP Securities reiterated a “market perform” rating on shares of Ibotta in a report on Thursday, August 14th. Finally, UBS Group reduced their price objective on shares of Ibotta from $55.00 to $30.00 and set a “neutral” rating for the company in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $34.71.

Ibotta Price Performance

Shares of NYSE IBTA opened at $26.60 on Friday. The stock has a market capitalization of $671.92 million, a P/E ratio of 9.24, a P/E/G ratio of 21.82 and a beta of -1.31. The company has a 50-day moving average price of $32.08 and a 200-day moving average price of $41.74. Ibotta has a 1 year low of $22.50 and a 1 year high of $79.80.

Ibotta declared that its board has authorized a stock repurchase program on Monday, June 9th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase 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 shares are undervalued.

Insiders Place Their Bets

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the business’s stock in a transaction dated 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 directly owned 3,841,308 shares in the company, valued at approximately $134,445,780. The trade was a 29.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 2,027,380 shares of company stock worth $71,064,528 in the last 90 days. 16.08% of the stock is currently owned by insiders.

Institutional Trading of Ibotta

Several hedge funds have recently added to or reduced their stakes in IBTA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Ibotta by 5.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock valued at $396,000 after purchasing an additional 515 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Ibotta in the first quarter valued at approximately $25,000. CWM LLC raised its position in shares of Ibotta by 225.2% in the second quarter. CWM LLC now owns 943 shares of the company’s stock valued at $35,000 after purchasing an additional 653 shares during the period. Deutsche Bank AG raised its position in shares of Ibotta by 6.9% in the first quarter. Deutsche Bank AG now owns 11,030 shares of the company’s stock valued at $465,000 after purchasing an additional 713 shares during the period. Finally, Private Wealth Asset Management LLC bought a new stake in shares of Ibotta in the second quarter valued at approximately $37,000.

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.