Ibotta, Inc. (NYSE:IBTA) Receives Average Recommendation of “Moderate Buy” from Brokerages

Ibotta, Inc. (NYSE:IBTA) has been given an average rating of “Moderate Buy” by the six ratings firms that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $61.60.

Several research analysts have recently weighed in on the stock. Evercore ISI reiterated an “outperform” rating on shares of Ibotta in a research note on Thursday, May 15th. Needham & Company LLC lifted their target price on shares of Ibotta from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. UBS Group lifted their target price on shares of Ibotta from $42.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, May 15th. Wells Fargo & Company lifted their target price 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. Finally, The Goldman Sachs Group lifted their target price 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.

Ibotta Trading Down 5.5%

Shares of IBTA stock opened at $39.08 on Friday. The firm’s 50 day moving average is $48.53 and its 200 day moving average is $58.31. The stock has a market capitalization of $989.11 million, a P/E ratio of 26.41, a P/E/G ratio of 3.44 and a beta of -0.84. Ibotta has a 12-month low of $31.40 and a 12-month high of $79.80.

Ibotta (NYSE:IBTA) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $84.57 million for the quarter, compared to analysts’ expectations of $81.70 million. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. The company’s 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 announced that its board has authorized a share repurchase program on Wednesday, March 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Ibotta

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the business’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $41.51, for a total value of $207,550.00. Following the completion of the sale, the insider now directly owns 465,241 shares of the company’s stock, valued at $19,312,153.91. The trade was a 1.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Richard I. Donahue sold 85,289 shares of the business’s stock in a transaction dated 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 now directly owns 199,773 shares of the company’s stock, valued at approximately $8,608,218.57. This trade represents a 29.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 169,844 shares of company stock worth $7,795,599 in the last three months. Insiders own 16.08% of the company’s stock.

Institutional Investors Weigh In On Ibotta

Several large investors have recently added to or reduced their stakes in IBTA. ARK Investment Management LLC lifted 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 valued at $29,722,000 after acquiring an additional 528,147 shares during the last quarter. Southpoint Capital Advisors LP lifted its position in Ibotta by 48.2% during the first quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company’s stock valued at $64,840,000 after acquiring an additional 499,556 shares during the last quarter. Nikko Asset Management Americas Inc. raised its holdings in shares of Ibotta by 68.8% in the first quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company’s stock worth $44,458,000 after buying an additional 429,516 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Ibotta by 67.2% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company’s stock worth $44,047,000 after buying an additional 419,516 shares during the last quarter. Finally, Citigroup Inc. increased its stake in shares of Ibotta by 2,500.8% in 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.

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.