Ibotta (NYSE:IBTA) Shares Gap Up on Analyst Upgrade

Ibotta, Inc. (NYSE:IBTA)’s share price gapped up before the market opened on Thursday after Wells Fargo & Company raised their price target on the stock from $30.00 to $34.00. The stock had previously closed at $20.50, but opened at $24.52. Wells Fargo & Company currently has an equal weight rating on the stock. Ibotta shares last traded at $26.67, with a volume of 123,188 shares trading hands.

Other equities analysts also recently issued reports about the company. Evercore cut their target price on Ibotta from $38.00 to $32.00 and set an “in-line” rating on the stock in a research report on Thursday, November 13th. The Goldman Sachs Group dropped their price target on Ibotta from $26.00 to $23.00 and set a “sell” rating on the stock in a research note on Thursday, November 13th. Bank of America reduced their price objective on Ibotta from $24.00 to $22.00 and set an “underperform” rating for the company in a research note on Thursday, November 13th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ibotta in a report on Monday, December 29th. One 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. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $33.14.

Hedge Funds Weigh In On Ibotta

Several institutional investors and hedge funds have recently modified their holdings of IBTA. Aristides Capital LLC acquired a new stake in Ibotta during the fourth quarter worth about $220,000. Invesco Ltd. boosted its position in Ibotta by 21.6% in the 4th quarter. Invesco Ltd. now owns 8,892 shares of the company’s stock worth $202,000 after purchasing an additional 1,581 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Ibotta during the 4th quarter worth approximately $1,917,000. VARCOV Co. purchased a new position in shares of Ibotta during the 4th quarter valued at approximately $439,000. Finally, Millennium Management LLC acquired a new position in shares of Ibotta in the 4th quarter valued at $1,976,000.

Ibotta Price Performance

The stock has a market capitalization of $583.78 million, a PE ratio of 226.38 and a beta of -0.88. The stock’s fifty day moving average is $22.01 and its 200-day moving average is $25.47.

Ibotta (NYSE:IBTA) last released its quarterly earnings data on Wednesday, February 25th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.03). Ibotta had a net margin of 1.04% and a return on equity of 0.99%. The firm had revenue of $88.53 million during the quarter. During the same period last year, the firm earned $0.67 earnings per share. The business’s quarterly revenue was down 10.0% compared to the same quarter last year.

Ibotta Company Profile

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.