Ibotta (NYSE:IBTA) Lowered to Market Perform Rating by Citizens Jmp

Key Points

• Ibotta's stock was downgraded by Citizens Jmp from "outperform" to "market perform," reflecting a change in analysts' expectations.
• Various analysts have adjusted their price targets for Ibotta, with Needham & Company lowering it to $33 and Bank of America to $24, while UBS raised theirs to $55.
• Insider activity saw significant share sales, including a major shareholder offloading over 1.5 million shares, indicating potential concerns about stock value among insiders.

Ibotta (NYSE:IBTA - Get Free Report) was downgraded by investment analysts at Citizens Jmp from an "outperform" rating to a "market perform" rating in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports.

A number of other analysts have also recently weighed in on IBTA. Needham & Company LLC reduced their target price on shares of Ibotta from $70.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, August 14th. Citigroup cut shares of Ibotta from a "buy" rating to a "market perform" rating in a report on Thursday, August 14th. UBS Group raised their target price on shares of Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Evercore ISI restated an "in-line" rating and set a $38.00 target price (down from $65.00) on shares of Ibotta in a report on Thursday, August 14th. Finally, The Goldman Sachs Group cut shares of Ibotta from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $58.00 to $30.00 in a report on Thursday, August 14th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $34.71.

Ibotta Price Performance

Shares of Ibotta stock traded up $0.91 on Thursday, hitting $27.06. The company had a trading volume of 606,266 shares, compared to its average volume of 456,030. The business has a 50-day simple moving average of $36.78 and a 200-day simple moving average of $48.26. The company has a market cap of $683.54 million, a PE ratio of 9.40, a PEG ratio of 3.48 and a beta of -1.27. Ibotta has a 52 week low of $22.50 and a 52 week high of $79.80.

Ibotta announced that its board has initiated a share repurchase program on Monday, June 9th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 8.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other Ibotta news, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the completion of the sale, the chief marketing officer owned 199,773 shares in the company, valued at $8,608,218.57. This represents a 29.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the completion of the sale, the insider owned 3,841,308 shares of the company's stock, valued at approximately $134,445,780. The trade was a 29.12% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,191,852 shares of company stock valued at $78,632,031. Insiders own 16.08% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Ibotta during the 1st quarter valued at $25,000. CWM LLC grew its position in Ibotta by 225.2% in the 2nd quarter. CWM LLC now owns 943 shares of the company's stock worth $35,000 after purchasing an additional 653 shares during the last quarter. Private Wealth Asset Management LLC acquired a new stake in shares of Ibotta during the 2nd quarter valued at about $37,000. Quantbot Technologies LP acquired a new stake in shares of Ibotta during the 2nd quarter valued at about $66,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Ibotta by 144.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,851 shares of the company's stock valued at $141,000 after acquiring an additional 2,274 shares in the last quarter.

Ibotta Company Profile

Ibotta's mission is to Make Every Purchase Rewarding. Our technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network (IPN). We are pioneers in success-based marketing: we only get paid when our client's promotion results in a sale, not when a consumer merely views or clicks on the promotion.