Ibotta, Inc. (NYSE:IBTA) Receives Consensus Rating of "Moderate Buy" from Brokerages

Ibotta, Inc. (NYSE:IBTA - Get Free Report) has earned an average rating of "Moderate Buy" from the six brokerages that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $61.60.

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

Insider Buying and Selling at Ibotta

In other news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the 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 transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the transaction, the chief marketing officer directly owned 199,773 shares in the company, valued at $8,608,218.57. The trade was a 29.92% 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 worth $78,652,577 over the last three months. Insiders own 16.08% of the company's stock.

Hedge Funds Weigh In On Ibotta

Several hedge funds and other institutional investors have recently modified their holdings of IBTA. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Ibotta in the 1st quarter worth $25,000. Jones Financial Companies Lllp bought a new position in Ibotta in the 1st quarter worth $161,000. New York State Common Retirement Fund raised its holdings in Ibotta by 58.1% in the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock worth $207,000 after purchasing an additional 1,800 shares during the period. Federated Hermes Inc. raised its holdings in Ibotta by 883.9% in the 1st quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock worth $284,000 after purchasing an additional 6,055 shares during the period. Finally, Invesco Ltd. raised its holdings in Ibotta by 53.6% in the 1st quarter. Invesco Ltd. now owns 7,962 shares of the company's stock worth $336,000 after purchasing an additional 2,780 shares during the period.

Ibotta Price Performance

IBTA stock traded down $0.07 during mid-day trading on Tuesday, hitting $37.24. 297,679 shares of the stock were exchanged, compared to its average volume of 419,132. The business has a fifty day moving average price of $45.11 and a 200 day moving average price of $55.17. The stock has a market capitalization of $942.54 million, a price-to-earnings ratio of 25.16, a PEG ratio of 3.11 and a beta of -1.29. Ibotta has a 12 month low of $31.40 and a 12 month high of $79.80.

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

Ibotta declared that its board has authorized a stock repurchase plan on Monday, June 9th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 8.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are 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.