Ibotta, Inc. (NYSE:IBTA) Receives $61.60 Consensus PT from Brokerages

Shares of Ibotta, Inc. (NYSE:IBTA - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the six analysts that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $61.60.

IBTA has been the subject of a number of recent research reports. Evercore ISI reaffirmed an "outperform" rating on shares of Ibotta in a research note on Thursday, May 15th. The Goldman Sachs Group increased their price target on Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Wells Fargo & Company increased their price target on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. UBS Group increased their price target on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Finally, Needham & Company LLC increased their price target on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, May 15th.

Insider Activity at Ibotta

In other news, CMO Richard I. Donahue sold 85,289 shares of Ibotta 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 transaction, the chief marketing officer directly owned 199,773 shares in the company, valued at approximately $8,608,218.57. This trade represents a 29.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of Ibotta 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 transaction, the insider owned 3,841,308 shares in the company, valued at approximately $134,445,780. This trade represents a 29.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,192,224 shares of company stock worth $78,652,577. Company insiders own 16.08% of the company's stock.

Institutional Trading of Ibotta

Hedge funds and other institutional investors have recently modified their holdings of the business. ARK Investment Management LLC raised its holdings in Ibotta by 299.8% during the first 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 in the last quarter. Southpoint Capital Advisors LP raised its holdings in Ibotta by 48.2% during the first 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 in the last quarter. Nikko Asset Management Americas Inc. raised its holdings in Ibotta by 68.8% during the first 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 in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in 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 in the last quarter. Finally, Citigroup Inc. raised its holdings in Ibotta by 2,500.8% during the first 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 in the last quarter.

Ibotta Trading Up 3.3%

Shares of IBTA stock traded up $1.17 during trading hours on Tuesday, reaching $37.08. 417,553 shares of the company's stock were exchanged, compared to its average volume of 420,858. Ibotta has a 1 year low of $31.40 and a 1 year high of $79.80. The stock has a market cap of $938.49 million, a PE ratio of 25.05, a PEG ratio of 2.94 and a beta of -1.29. The stock's fifty day moving average price is $45.35 and its two-hundred day moving average price is $55.37.

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

Ibotta declared that its board has approved a share repurchase program on Wednesday, March 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

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.