Ibotta, Inc. (NYSE:IBTA) Given Average Recommendation of "Reduce" by Analysts

Key Points

• Ibotta, Inc. (NYSE:IBTA) has received an average analyst recommendation of "Reduce", with three sell ratings, six holds, and one buy from analysts covering the stock.
• UBS Group and Wells Fargo both significantly reduced their price targets for Ibotta, reflecting ongoing concerns about its market performance, with Wells Fargo lowering its target from $60 to $30.
• Despite a mixed performance, Ibotta stock experienced a slight decline of 0.3%, with its current price around $31.04, and it has seen a 52-week range between $22.50 and $79.80.

Ibotta, Inc. (NYSE:IBTA - Get Free Report) has earned an average recommendation of "Reduce" from the ten analysts that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $34.1429.

IBTA has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Ibotta in a research note on Wednesday, October 8th. JMP Securities reaffirmed a "market perform" rating on shares of Ibotta in a research note on Thursday, August 14th. UBS Group reduced their price target on shares of Ibotta from $55.00 to $30.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $30.00 price target (down from $60.00) on shares of Ibotta in a research note on Thursday, August 14th. Finally, The Goldman Sachs Group lowered shares of Ibotta from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $30.00 to $26.00 in a research note on Tuesday.

Institutional Trading of Ibotta

A number of hedge funds and other institutional investors have recently made changes to their positions in IBTA. JPMorgan Chase & Co. raised its holdings 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 in the last quarter. ARK Investment Management LLC raised its holdings in shares of Ibotta by 299.8% in the 1st quarter. ARK Investment Management LLC now owns 704,308 shares of the company's stock worth $29,722,000 after purchasing an additional 528,147 shares in the last quarter. Southpoint Capital Advisors LP raised its holdings in shares of Ibotta by 48.2% in the 1st quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company's stock worth $64,840,000 after purchasing an additional 499,556 shares in the last quarter. Nikko Asset Management Americas Inc. raised its holdings in shares of Ibotta by 68.8% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company's stock worth $44,458,000 after purchasing an additional 429,516 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Ibotta by 67.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after purchasing an additional 419,516 shares in the last quarter.

Ibotta Stock Down 0.3%

Ibotta stock opened at $31.04 on Thursday. The firm has a 50-day moving average price of $28.02 and a two-hundred day moving average price of $38.38. The firm has a market capitalization of $784.07 million, a price-to-earnings ratio of 10.78, a PEG ratio of 24.90 and a beta of -1.19. Ibotta has a 52-week low of $22.50 and a 52-week high of $79.80.

Ibotta (NYSE:IBTA - Get Free Report) last issued its quarterly earnings results on Thursday, May 30th. The company reported ($0.10) earnings per share for the quarter. The company had revenue of $56.52 million during the quarter. Ibotta had a return on equity of 24.26% and a net margin of 26.24%.

About Ibotta

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.