Ibotta (NYSE:IBTA) Shares Gap Up – Should You Buy?

Ibotta, Inc. (NYSE:IBTA)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $21.89, but opened at $23.15. Ibotta shares last traded at $23.75, with a volume of 184,168 shares traded.

Analyst Ratings Changes

IBTA has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Ibotta in a report on Monday, December 29th. Wall Street Zen lowered Ibotta from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Finally, Wells Fargo & Company lifted their target price on Ibotta from $30.00 to $34.00 and gave the stock an “equal weight” rating in a report on Thursday, February 26th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Ibotta has an average rating of “Reduce” and an average target price of $33.14.

Ibotta Price Performance

The firm has a market cap of $496.74 million, a P/E ratio of 212.93 and a beta of -1.20. The stock’s 50-day simple moving average is $22.25 and its two-hundred day simple moving average is $25.18.

Ibotta (NYSE:IBTA) last released its earnings results on Wednesday, February 25th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.30. The firm had revenue of $88.53 million during the quarter. Ibotta had a net margin of 1.04% and a return on equity of 1.04%. Ibotta’s revenue was down 10.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.67 EPS.

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

Insider Activity at Ibotta

In other news, insider Marisa Daspit sold 2,956 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $24.06, for a total value of $71,121.36. Following the transaction, the insider directly owned 127,597 shares in the company, valued at approximately $3,069,983.82. This represents a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 16.08% of the company’s stock.

Institutional Trading of Ibotta

A number of large investors have recently modified their holdings of IBTA. Edgestream Partners L.P. bought a new position in Ibotta during the 2nd quarter worth about $2,711,000. Hsbc Holdings PLC raised its holdings in shares of Ibotta by 108.4% in the 2nd quarter. Hsbc Holdings PLC now owns 96,549 shares of the company’s stock valued at $3,533,000 after purchasing an additional 50,214 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Ibotta by 481.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 654,876 shares of the company’s stock worth $23,968,000 after purchasing an additional 542,313 shares during the period. Citigroup Inc. boosted its stake in shares of Ibotta by 90.2% during 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 in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Ibotta by 15.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,281,219 shares of the company’s stock valued at $35,682,000 after purchasing an additional 168,054 shares in the last quarter.

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.