Ibotta, Inc. (NYSE:IBTA) Receives $34.71 Consensus Price Target from Analysts

Key Points

• Ibotta, Inc. has received an average rating of "Hold" from nine research firms, with one sell rating, seven hold ratings, and one buy rating. The average twelve-month target price is $34.71.
• Insider selling has occurred, with major shareholder Jermoluk Founders Fund I. Clark selling over 1.57 million shares for approximately $55.25 million, representing a significant decrease in their position.
• A stock buyback program has been approved, allowing Ibotta to repurchase up to $100 million in shares, indicating management's belief that the shares are undervalued.

Ibotta, Inc. (NYSE:IBTA - Get Free Report) has been given a consensus rating of "Hold" by the nine research firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $34.7143.

A number of research firms have weighed in on IBTA. The Goldman Sachs Group downgraded shares of Ibotta from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $58.00 to $30.00 in a research note on Thursday, August 14th. Citizens Jmp downgraded shares of Ibotta from an "outperform" rating to a "market perform" rating in a research note on Thursday, August 14th. Needham & Company LLC decreased their price target on shares of Ibotta from $70.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday, August 14th. Wall Street Zen upgraded shares of Ibotta from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Finally, Evercore ISI reiterated an "in-line" rating and set a $38.00 price target (down previously from $65.00) on shares of Ibotta in a research note on Thursday, August 14th.

Ibotta Price Performance

Shares of Ibotta stock traded up $0.81 during midday trading on Friday, hitting $26.83. The company had a trading volume of 155,460 shares, compared to its average volume of 465,382. The business's 50 day simple moving average is $30.86 and its two-hundred day simple moving average is $39.55. The stock has a market cap of $677.73 million, a PE ratio of 9.32, a P/E/G ratio of 20.86 and a beta of -1.30. Ibotta has a 1-year low of $22.50 and a 1-year high of $79.80.

Ibotta declared that its Board of Directors has initiated a share buyback plan on Monday, June 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 8.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Activity

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of Ibotta stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $35.00, for a total value of $55,247,570.00. Following the completion of the transaction, the insider directly owned 3,841,308 shares of the company's stock, valued at $134,445,780. The trade was a 29.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 2,007,380 shares of company stock worth $70,283,928 over the last three months. 16.08% of the stock is currently owned by company insiders.

Institutional Trading of Ibotta

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Southpoint Capital Advisors LP raised its holdings in Ibotta by 48.2% during 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 during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Ibotta by 6.6% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,113,165 shares of the company's stock worth $40,742,000 after purchasing an additional 69,407 shares during the last quarter. Nikko Asset Management Americas Inc. raised its holdings in Ibotta by 5.1% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 1,107,338 shares of the company's stock worth $40,529,000 after purchasing an additional 53,820 shares during the last quarter. ARK Investment Management LLC raised its holdings in Ibotta by 299.8% during 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 during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Ibotta by 481.8% during 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 during the last quarter.

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.