Ibotta, Inc. (NYSE:IBTA) Stock Rated "Reduce" by Wall Street Brokerages

Key Points

• Analysts collectively rate Ibotta “Reduce.” Of eight covering firms, three recommend selling, four advise holding and one recommends buying; the average 12-month price target is $36.50, below the stock’s $39.44 price.
• Recent analyst views remain mixed, with price targets ranging from $38 at UBS to $45 at Needham, while Wells Fargo, UBS and Weiss Ratings maintained neutral or sell-oriented stances.
• Insiders sold substantially more shares than they bought. Insiders sold 610,128 shares worth $19.1 million over the past 90 days, including sales by the CTO and a major shareholder; insiders retain 20.92% ownership.

Ibotta, Inc. (NYSE:IBTA - Get Free Report) has received a consensus recommendation of "Reduce" from the eight research firms that are covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $36.50.

Several research firms have weighed in on IBTA. Wells Fargo & Company boosted their target price on shares of Ibotta from $38.00 to $40.00 and gave the company an "equal weight" rating in a report on Tuesday, August 4th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Ibotta in a research report on Monday, September 21st. UBS Group upped their price objective on Ibotta from $30.00 to $38.00 and gave the company a "neutral" rating in a report on Wednesday, August 5th. Needham & Company LLC reiterated a "buy" rating and issued a $45.00 price objective on shares of Ibotta in a research report on Tuesday, August 4th. Finally, Evercore set a $42.00 target price on Ibotta in a research report on Tuesday, August 4th.

Insider Transactions at Ibotta

In related news, CTO Luke Swanson sold 20,100 shares of the firm's stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $40.04, for a total transaction of $804,804.00. Following the completion of the sale, the chief technology officer directly owned 446,032 shares of the company's stock, valued at approximately $17,859,121.28. This trade represents a 4.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of the business's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.15, for a total transaction of $15,075,000.00. Following the completion of the sale, the insider owned 3,341,308 shares in the company, valued at approximately $100,740,436.20. This trade represents a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 610,128 shares of company stock worth $19,110,523. 20.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ibotta

Several large investors have recently made changes to their positions in the stock. Hsbc Holdings PLC increased its holdings in Ibotta by 1.5% in the 1st quarter. Hsbc Holdings PLC now owns 1,009,287 shares of the company's stock valued at $30,581,000 after purchasing an additional 15,310 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Ibotta by 17.7% during the first quarter. Renaissance Technologies LLC now owns 239,300 shares of the company's stock worth $7,172,000 after purchasing an additional 35,992 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Ibotta by 17.8% during the first quarter. Bank of America Corp DE now owns 239,167 shares of the company's stock worth $7,168,000 after buying an additional 36,223 shares during the period. Sei Investments Co. acquired a new stake in shares of Ibotta in the first quarter valued at $344,000. Finally, Aristides Capital LLC purchased a new stake in shares of Ibotta in the 4th quarter valued at $220,000.

Ibotta Trading Up 0.4%

Ibotta stock opened at $39.44 on Thursday. Ibotta has a 12-month low of $19.10 and a 12-month high of $43.43. The stock has a market cap of $796.69 million, a P/E ratio of -83.91 and a beta of -0.25. The company has a 50-day moving average price of $36.65 and a 200 day moving average price of $33.77.

About Ibotta

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Its services connect consumers with cash-back offers on groceries, household products, apparel, electronics and other categories, while helping brands and retailers deliver targeted promotions and measure consumer engagement.

Consumers can access Ibotta offers through the company's mobile application and website, as well as through integrations with participating retailers and loyalty programs.

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