Brokerages Set Ibotta, Inc. (NYSE:IBTA) Target Price at $61.60

Ibotta, Inc. (NYSE:IBTA - Get Free Report) has been given an average recommendation of "Moderate Buy" by the six research firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $61.60.

Several equities analysts have recently weighed in on the stock. UBS Group lifted their target price on shares of Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. Needham & Company LLC raised their price target on shares of Ibotta from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Evercore ISI reiterated an "outperform" rating on shares of Ibotta in a research report on Thursday, May 15th. Wells Fargo & Company increased their target price on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Finally, The Goldman Sachs Group lifted their price target on Ibotta from $50.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 16th.

Ibotta Trading Down 3.6%

IBTA traded down $1.55 during midday trading on Friday, hitting $41.55. 244,791 shares of the company were exchanged, compared to its average volume of 424,287. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of 28.07 and a beta of -0.84. The company's 50 day simple moving average is $48.73 and its 200 day simple moving average is $58.62. Ibotta has a 1-year low of $31.40 and a 1-year high of $79.80.

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

Ibotta declared that its board has initiated a stock buyback plan on Wednesday, March 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In other news, insider Marisa Daspit sold 1,243 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $49.44, for a total transaction of $61,453.92. Following the completion of the sale, the insider now owns 56,282 shares of the company's stock, valued at $2,782,582.08. This represents a 2.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $50.15, for a total transaction of $250,750.00. Following the completion of the sale, the insider now owns 563,181 shares of the company's stock, valued at $28,243,527.15. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,555 shares of company stock worth $3,703,146 over the last 90 days. 16.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ibotta

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Southpoint Capital Advisors LP raised its holdings in 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 acquiring an additional 499,556 shares during the last quarter. Nikko Asset Management Americas Inc. increased its holdings in shares of Ibotta by 68.8% in 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 purchasing an additional 429,516 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Ibotta by 67.2% in 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 purchasing an additional 419,516 shares during the last quarter. ARK Investment Management LLC lifted its position in Ibotta by 299.8% during the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company's stock worth $29,722,000 after buying an additional 528,147 shares in the last quarter. Finally, Citigroup Inc. boosted its stake in Ibotta by 2,500.8% during the first quarter. Citigroup Inc. now owns 334,460 shares of the company's stock worth $14,114,000 after buying an additional 321,600 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.