Ibotta, Inc. (NYSE:IBTA) Given Average Rating of "Moderate Buy" by Analysts

Ibotta, Inc. (NYSE:IBTA - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the five brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $61.60.

IBTA has been the topic of a number of recent analyst reports. UBS Group lifted their price target on shares of Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday. Needham & Company LLC lifted their price objective on shares of Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday. JMP Securities reiterated a "market outperform" rating and set a $58.00 price objective on shares of Ibotta in a research report on Thursday. Wells Fargo & Company lifted their price objective on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, The Goldman Sachs Group lifted their price objective on shares of Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday.

Ibotta Price Performance

NYSE:IBTA opened at $57.00 on Monday. Ibotta has a 1-year low of $31.40 and a 1-year high of $108.65. The firm has a 50-day moving average of $45.74 and a two-hundred day moving average of $59.68. The stock has a market cap of $1.77 billion and a P/E ratio of 31.84.

Ibotta (NYSE:IBTA - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. The business had revenue of $84.57 million for the quarter, compared to the consensus estimate of $81.70 million. The business's quarterly revenue was up 2.8% on a year-over-year basis. During the same period last year, the firm posted $0.33 EPS.

Ibotta announced that its board has initiated a stock repurchase plan on Wednesday, March 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Ibotta

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in Ibotta by 2,859.7% during the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after acquiring an additional 1,916 shares during the last quarter. Rhumbline Advisers lifted its position in Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after acquiring an additional 1,252 shares during the last quarter. AMI Asset Management Corp acquired a new position in shares of Ibotta during the first quarter valued at about $488,000. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Ibotta by 67.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock valued at $44,047,000 after buying an additional 419,516 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Ibotta by 58.1% during the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock valued at $207,000 after buying an additional 1,800 shares during 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.

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