Analysts Set Ibotta, Inc. (NYSE:IBTA) Price Target at $34.71

Key Points

• Ibotta, Inc. has received an average rating of "Hold" from nine brokerages, with one sell rating, seven holds, and one buy rating, and an average target price set at $34.71.
• Insiders have sold a total of 2,186,852 shares of Ibotta stock valued at approximately $78.38 million in the last ninety days, indicating potential concerns about the company's future performance.
• The company has authorized a $100 million share buyback plan, which could signal that management believes the stock is undervalued.

Shares of Ibotta, Inc. (NYSE:IBTA - Get Free Report) have earned a consensus rating of "Hold" from the nine ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $34.7143.

Several research firms have commented on IBTA. Evercore ISI reissued an "in-line" rating and set a $38.00 target price (down from $65.00) on shares of Ibotta in a research report on Thursday, August 14th. JMP Securities reaffirmed a "market perform" rating on shares of Ibotta in a report on Thursday, August 14th. The Goldman Sachs Group downgraded shares of Ibotta from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $58.00 to $30.00 in a report on Thursday, August 14th. Citigroup downgraded shares of Ibotta from a "buy" rating to a "market perform" rating in a report on Thursday, August 14th. Finally, Needham & Company LLC decreased their price objective 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.

Ibotta Trading Up 5.5%

Ibotta stock traded up $1.40 during mid-day trading on Wednesday, hitting $26.87. 420,626 shares of the company's stock were exchanged, compared to its average volume of 871,413. The stock has a market cap of $678.74 million, a P/E ratio of 9.33, a P/E/G ratio of 21.55 and a beta of -1.27. Ibotta has a 1-year low of $22.50 and a 1-year high of $79.80. The stock has a 50 day moving average of $34.12 and a two-hundred day moving average of $45.27.

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

Insider Buying and Selling at Ibotta

In related news, CMO Richard I. Donahue sold 85,289 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the completion of the sale, the chief marketing officer directly owned 199,773 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the company's stock in a transaction 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 sale, the insider directly owned 3,841,308 shares of the company's stock, valued at approximately $134,445,780. This represents a 29.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,163,309 shares of company stock valued at $77,202,771. 16.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Ibotta

Several large investors have recently bought and sold shares of IBTA. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Ibotta during the 1st quarter valued at $25,000. CWM LLC raised its stake in Ibotta by 225.2% during the 2nd quarter. CWM LLC now owns 943 shares of the company's stock valued at $35,000 after purchasing an additional 653 shares during the last quarter. Private Wealth Asset Management LLC acquired a new position in Ibotta during the 2nd quarter valued at $37,000. Quantbot Technologies LP acquired a new position in Ibotta during the 2nd quarter valued at $66,000. Finally, Tower Research Capital LLC TRC raised its stake in 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 purchasing an additional 2,274 shares during the last quarter.

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.