Ibotta (NYSE:IBTA) Price Target Raised to $45.00 at Needham & Company LLC

Ibotta (NYSE:IBTA) had its price objective increased by equities research analysts at Needham & Company LLC from $33.00 to $45.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 21.36% from the company’s current price.

IBTA has been the topic of several other reports. Wall Street Zen lowered shares of Ibotta from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research note on Friday, March 27th. Finally, Wells Fargo & Company boosted their price target on shares of Ibotta from $30.00 to $34.00 and gave the company an “equal weight” rating in a research note on Thursday, February 26th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $34.86.

Ibotta Price Performance

NYSE:IBTA opened at $37.08 on Thursday. The firm has a market capitalization of $770.15 million, a price-to-earnings ratio of 337.12 and a beta of -0.61. The company’s 50-day moving average is $29.67 and its two-hundred day moving average is $26.22. Ibotta has a 1-year low of $19.10 and a 1-year high of $62.74.

Ibotta (NYSE:IBTA) last posted its 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 company had revenue of $82.48 million for the quarter. Ibotta had a net margin of 1.04% and a return on equity of 1.04%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.02 earnings per share. As a group, equities analysts anticipate that Ibotta will post -0.42 earnings per share for the current fiscal year.

Ibotta announced that its board has initiated a share repurchase plan on Wednesday, March 11th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 21.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider Marisa Daspit sold 2,956 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $24.06, for a total value of $71,121.36. Following the sale, the insider directly owned 127,597 shares of the company’s stock, valued at approximately $3,069,983.82. The trade was a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 20.92% of the company’s stock.

Institutional Investors Weigh In On Ibotta

Several large investors have recently added to or reduced their stakes in IBTA. New York State Teachers Retirement System purchased a new stake in Ibotta during the 1st quarter worth approximately $39,000. CWM LLC increased its stake in Ibotta by 50.8% during the 3rd quarter. CWM LLC now owns 1,422 shares of the company’s stock worth $40,000 after buying an additional 479 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in Ibotta by 187.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock worth $41,000 after buying an additional 1,185 shares during the period. Farther Finance Advisors LLC increased its stake in Ibotta by 47,920.0% during the 4th quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company’s stock worth $55,000 after buying an additional 2,396 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in Ibotta during the 2nd quarter worth approximately $66,000.

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.