Analysts Set Ibotta, Inc. (NYSE:IBTA) Price Target at $34.71

Shares of Ibotta, Inc. (NYSE:IBTA) have received an average rating of “Hold” from the nine ratings firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $34.7143.

Several research analysts recently issued reports on the company. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 target price (down from $60.00) on shares of Ibotta in a research report on Thursday, August 14th. JMP Securities reissued a “market perform” rating on shares of Ibotta in a research report on Thursday, August 14th. Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Evercore ISI reissued an “in-line” rating and issued a $38.00 price objective (down from $65.00) on shares of Ibotta in a research report on Thursday, August 14th. Finally, Bank of America reissued an “underperform” rating and issued a $24.00 price objective (down from $57.00) on shares of Ibotta in a research report on Thursday, August 14th.

Ibotta Stock Down 0.2%

Shares of NYSE:IBTA opened at $25.96 on Friday. The firm has a market cap of $655.75 million, a P/E ratio of 9.01, a P/E/G ratio of 20.82 and a beta of -1.31. Ibotta has a 12-month low of $22.50 and a 12-month high of $79.80. The business has a fifty day simple moving average of $30.64 and a 200 day simple moving average of $39.50.

Ibotta declared that its board has authorized a stock buyback program on Monday, June 9th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 8.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Ibotta

In other news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of Ibotta stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $35.00, for a total value of $55,247,570.00. Following the completion of the transaction, the insider directly owned 3,841,308 shares of the company’s stock, valued at approximately $134,445,780. This trade represents a 29.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 16.08% of the company’s stock.

Institutional Trading of Ibotta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC increased its position 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. Sumitomo Mitsui Trust Group Inc. boosted its stake in Ibotta by 67.2% during 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 purchasing an additional 419,516 shares during the last quarter. XTX Topco Ltd boosted its stake in Ibotta by 237.9% during the 1st quarter. XTX Topco Ltd now owns 24,068 shares of the company’s stock valued at $1,016,000 after purchasing an additional 16,945 shares during the last quarter. Nuveen LLC acquired a new position in Ibotta during the 1st quarter valued at about $2,340,000. Finally, AMI Asset Management Corp acquired a new position in Ibotta during the 1st quarter valued at about $488,000.

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.