Ibotta, Inc. (NYSE:IBTA) Receives $61.60 Average Target Price from Analysts

Ibotta, Inc. (NYSE:IBTA - Get Free Report) has been given a consensus rating of "Moderate Buy" by the six analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $61.60.

A number of analysts have commented on the company. Needham & Company LLC raised their price objective on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Wells Fargo & Company raised their target price on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. JMP Securities restated a "market outperform" rating and set a $58.00 target price on shares of Ibotta in a research report on Thursday, May 15th. The Goldman Sachs Group raised their target price on Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Finally, Evercore ISI restated an "outperform" rating on shares of Ibotta in a research report on Thursday, May 15th.

Ibotta Stock Up 0.1%

Shares of IBTA stock traded up $0.04 during mid-day trading on Tuesday, reaching $37.31. The stock had a trading volume of 319,415 shares, compared to its average volume of 346,726. The firm's 50 day simple moving average is $45.11 and its 200 day simple moving average is $55.17. Ibotta has a one year low of $31.40 and a one year high of $79.80. The firm has a market cap of $944.32 million, a PE ratio of 25.21, a P/E/G ratio of 3.11 and a beta of -1.29.

Ibotta (NYSE:IBTA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The company had revenue of $84.57 million during the quarter, compared to the consensus estimate of $81.70 million. During the same quarter last year, the company earned $0.33 EPS. The company's quarterly revenue was up 2.8% on a year-over-year basis.

Ibotta announced that its board has authorized a share buyback plan on Wednesday, March 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, CMO Richard I. Donahue sold 85,289 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was 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 $8,608,218.57. This trade represents a 29.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the firm's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $35.00, for a total value of $55,247,570.00. Following the sale, the insider directly owned 3,841,308 shares of the company's stock, valued at $134,445,780. This represents a 29.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,192,224 shares of company stock valued at $78,652,577 over the last ninety days. Insiders own 16.08% of the company's stock.

Institutional Investors Weigh In On Ibotta

Hedge funds and other institutional investors have recently bought and sold shares of the business. Southpoint Capital Advisors LP increased its stake 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 valued at $64,840,000 after buying an additional 499,556 shares during the period. Nikko Asset Management Americas Inc. increased its stake 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 valued at $44,458,000 after buying an additional 429,516 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake 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 valued at $44,047,000 after buying an additional 419,516 shares during the period. ARK Investment Management LLC increased its stake 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 valued at $29,722,000 after buying an additional 528,147 shares during the period. Finally, Citigroup Inc. increased its stake in shares of Ibotta by 2,500.8% in the 1st quarter. Citigroup Inc. now owns 334,460 shares of the company's stock valued at $14,114,000 after buying an additional 321,600 shares during the period.

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.