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

Shares of Ibotta, Inc. (NYSE:IBTA) 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 traded.

Several other research firms have also recently issued reports on IBTA. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a report on Monday, December 29th. Evercore dropped their price objective on shares of Ibotta from $38.00 to $32.00 and set an “in-line” rating for the company in a research note on Thursday, November 13th. Bank of America decreased their target price on shares of Ibotta from $24.00 to $22.00 and set an “underperform” rating on the stock in a research report on Thursday, November 13th. Finally, The Goldman Sachs Group cut their price objective on shares of Ibotta from $26.00 to $23.00 and set a “sell” rating on the stock in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $33.14.

Hedge Funds Weigh In On Ibotta

Several hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. grew its position in shares of Ibotta by 21.6% in the fourth quarter. Invesco Ltd. now owns 8,892 shares of the company’s stock valued at $202,000 after purchasing an additional 1,581 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Ibotta during the 4th quarter worth $1,917,000. VARCOV Co. purchased a new stake in shares of Ibotta in the 4th quarter valued at approximately $439,000. Millennium Management LLC acquired a new position in Ibotta in the 4th quarter valued at about $1,976,000. Finally, Balyasny Asset Management L.P. purchased a new position in Ibotta in the fourth quarter valued at $1,109,000.

Ibotta Price Performance

The company has a market cap of $671.79 million, a PE ratio of 11.84 and a beta of -0.88. The business’s 50 day moving average is $21.85 and its 200-day moving average is $25.50.

Ibotta (NYSE:IBTA) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.03). Ibotta had a net margin of 22.92% and a return on equity of 20.94%. The company had revenue of $88.53 million during the quarter. During the same quarter in the previous year, the business earned $0.67 EPS. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year.

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.