Analysts Set Ibotta, Inc. (NYSE:IBTA) Price Target at $33.00

Shares of Ibotta, Inc. (NYSE:IBTA) have been given an average recommendation of “Reduce” by the ten brokerages that are currently covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $33.00.

Several equities analysts recently commented on IBTA shares. Zacks Research lowered Ibotta from a “hold” rating to a “strong sell” rating in a research report on Friday, May 8th. Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Evercore set a $40.00 price objective on Ibotta in a report on Thursday, May 7th. Wells Fargo & Company lifted their price objective on Ibotta from $34.00 to $38.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a report on Friday, March 27th.

Insider Activity at Ibotta

In other Ibotta news, insider Marisa Daspit sold 2,956 shares of Ibotta stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $24.06, for a total transaction of $71,121.36. Following the sale, the insider directly owned 127,597 shares in the company, valued at $3,069,983.82. The trade was a 2.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas D. Lehrman sold 19,788 shares of Ibotta stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $32.11, for a total value of $635,392.68. Following the sale, the director 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 104,717 shares of company stock worth $3,294,475 over the last 90 days. 20.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ibotta

A number of institutional investors have recently made changes to their positions in the company. Essential Partners LLC increased its holdings in shares of Ibotta by 40,800.0% in the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock valued at $25,000 after acquiring an additional 816 shares during the last quarter. Bank of America Corp DE boosted its position in Ibotta by 17.8% during the 1st quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock valued at $7,168,000 after purchasing an additional 36,223 shares during the period. Renaissance Technologies LLC boosted its position in Ibotta by 17.7% during the 1st quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock valued at $7,172,000 after purchasing an additional 35,992 shares during the period. Sei Investments Co. acquired a new position in Ibotta during the 1st quarter valued at approximately $344,000. Finally, Meeder Asset Management Inc. acquired a new position in Ibotta during the 1st quarter valued at approximately $39,000.

Ibotta Stock Performance

Ibotta stock opened at $35.97 on Friday. The stock’s 50 day moving average price is $32.95 and its 200 day moving average price is $26.38. The firm has a market capitalization of $726.59 million, a PE ratio of -105.79 and a beta of -0.59. Ibotta has a one year low of $19.10 and a one year high of $50.50.

Ibotta (NYSE:IBTA) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of ($0.21) by $0.45. The firm had revenue of $82.48 million for the quarter. Ibotta had a negative return on equity of 2.39% and a negative net margin of 2.15%.The business’s revenue was down 2.5% on a year-over-year basis. During the same period last year, the firm posted $0.02 earnings per share. On average, analysts forecast that Ibotta will post 0.24 earnings per share for the current fiscal year.

Ibotta announced that its board has initiated a stock repurchase program on Wednesday, March 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 21.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.