Ibotta (NYSE:IBTA) Board of Directors Declares Stock Repurchase Plan

Ibotta (NYSE:IBTA) announced that its board has authorized a share buyback program on Wednesday, March 11th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 21.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Wells Fargo & Company upped their price target on shares of Ibotta from $30.00 to $34.00 and gave the company an “equal weight” rating in a research report on Thursday, February 26th. Bank of America reduced their price objective on shares of Ibotta from $24.00 to $22.00 and set an “underperform” rating on the stock in a research note on Thursday, November 13th. Wall Street Zen downgraded Ibotta from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Evercore lowered their target price on Ibotta from $38.00 to $32.00 and set an “in-line” rating for the company in a research report on Thursday, November 13th. Finally, The Goldman Sachs Group reduced their price target on Ibotta from $26.00 to $23.00 and set a “sell” rating on the stock in a research report on Thursday, November 13th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Ibotta currently has an average rating of “Reduce” and a consensus price target of $33.14.

Ibotta Stock Performance

NYSE:IBTA opened at $21.96 on Thursday. The firm’s fifty day moving average is $22.23 and its 200-day moving average is $25.22. Ibotta has a 52 week low of $19.10 and a 52 week high of $62.74. The firm has a market cap of $465.77 million, a P/E ratio of 199.65 and a beta of -1.20.

Ibotta (NYSE:IBTA) last posted its quarterly earnings data on Wednesday, February 25th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.03). The firm had revenue of $88.53 million for the quarter. Ibotta had a return on equity of 1.04% and a net margin of 1.04%.The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.67 EPS.

Insiders Place Their Bets

In other Ibotta news, insider Marisa Daspit sold 2,956 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $24.06, for a total transaction of $71,121.36. Following the completion of the sale, the insider directly owned 127,597 shares in the company, valued at approximately $3,069,983.82. This trade represents a 2.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 16.08% of the company’s stock.

About Ibotta

Ibotta (NYSE: IBTA) is a Denver‐based mobile commerce platform that connects consumers, retailers and brands through a unified cash-back rewards experience. Users access the Ibotta mobile app or browser extension to unlock rebates on everyday purchases, redeemable on groceries, retail goods, travel bookings and digital services. The platform integrates with major supermarket chains, big‐box retailers and online merchants, enabling shoppers to earn automatic cash-back both in physical stores and across e-commerce channels.

Founded in 2012 by co‐founder and CEO Bryan Leach, Ibotta has evolved from a simple rebate app into a comprehensive performance marketing partner for consumer goods companies.