Ibotta, Inc. (NYSE:IBTA) Receives Consensus Recommendation of “Reduce” from Analysts

Ibotta, Inc. (NYSE:IBTA) has earned a consensus recommendation of “Reduce” from the ten ratings firms that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $33.00.

IBTA has been the subject of a number of research analyst reports. Needham & Company LLC boosted their price objective on Ibotta from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Zacks Research upgraded Ibotta from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a report on Friday, March 27th. Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Wells Fargo & Company lifted their target price on Ibotta from $34.00 to $38.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th.

Insiders Place Their Bets

In other news, CTO Luke Roy Swanson sold 5,940 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $32.98, for a total transaction of $195,901.20. Following the transaction, the chief technology officer directly owned 495,844 shares of the company’s stock, valued at approximately $16,352,935.12. This trade represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas D. Lehrman sold 19,788 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $32.11, for a total transaction of $635,392.68. Following the transaction, the director directly owned 32,981 shares in the company, valued at $1,059,019.91. This represents a 37.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 107,701 shares of company stock valued at $3,419,255 in the last three months. Insiders own 20.92% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Deutsche Bank AG increased its holdings in Ibotta by 3,449.8% in the fourth quarter. Deutsche Bank AG now owns 369,890 shares of the company’s stock valued at $8,408,000 after purchasing an additional 359,470 shares during the period. Citigroup Inc. increased its holdings in Ibotta by 90.2% in the third quarter. Citigroup Inc. now owns 641,337 shares of the company’s stock valued at $17,861,000 after purchasing an additional 304,183 shares during the period. ARK Investment Management LLC boosted its holdings in Ibotta by 39.3% in the third quarter. ARK Investment Management LLC now owns 907,386 shares of the company’s stock valued at $25,271,000 after acquiring an additional 255,899 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Ibotta by 17.3% in the third quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company’s stock valued at $43,749,000 after acquiring an additional 232,027 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Ibotta in the second quarter valued at approximately $8,397,000.

Ibotta Price Performance

Shares of Ibotta stock opened at $30.48 on Tuesday. The business has a fifty day simple moving average of $33.50 and a two-hundred day simple moving average of $27.17. Ibotta has a 1 year low of $19.10 and a 1 year high of $41.14. The company has a market capitalization of $615.70 million, a price-to-earnings ratio of -89.65 and a beta of -0.59.

Ibotta (NYSE:IBTA) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.45. The firm had revenue of $82.48 million for the quarter. Ibotta had a negative net margin of 2.15% and a negative return on equity of 2.39%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.02 earnings per share. As a group, equities analysts anticipate that Ibotta will post 0.24 earnings per share for the current fiscal year.

Ibotta announced that its board has authorized a share buyback program on Wednesday, March 11th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 21.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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.