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

Shares of Ibotta, Inc. (NYSE:IBTA - Get Free Report) have received an average recommendation of "Moderate Buy" from the six research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $61.60.

A number of research analysts have weighed in on IBTA shares. The Goldman Sachs Group upped their target price on Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 16th. JMP Securities reaffirmed a "market outperform" rating and issued a $58.00 price target on shares of Ibotta in a research note on Thursday, May 15th. UBS Group upped their price target on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research note 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, Evercore ISI reaffirmed an "outperform" rating on shares of Ibotta in a research report on Thursday, May 15th.

Insider Buying and Selling

In related news, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the sale, the chief marketing officer now directly owns 199,773 shares of the company's stock, valued at approximately $8,608,218.57. This represents a 29.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Marisa Daspit sold 1,243 shares of the stock in a transaction that occurred 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 sale, the insider now owns 56,282 shares in the company, valued at approximately $2,782,582.08. The trade was a 2.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 159,844 shares of company stock worth $7,378,249 in the last 90 days. Insiders own 16.08% of the company's stock.

Institutional Trading of Ibotta

Several institutional investors have recently added to or reduced their stakes in IBTA. Federated Hermes Inc. boosted its position in shares of Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock valued at $284,000 after buying an additional 6,055 shares during the last quarter. XTX Topco Ltd boosted its holdings in shares of Ibotta by 237.9% during the 1st quarter. XTX Topco Ltd now owns 24,068 shares of the company's stock valued at $1,016,000 after acquiring an additional 16,945 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Ibotta during the 1st quarter valued at about $1,465,000. Meeder Asset Management Inc. purchased a new stake in shares of Ibotta during the 1st quarter valued at about $388,000. Finally, Pacer Advisors Inc. purchased a new stake in shares of Ibotta during the 1st quarter valued at about $3,539,000.

Ibotta Stock Down 0.6%

Shares of IBTA traded down $0.23 during mid-day trading on Friday, hitting $41.43. 410,091 shares of the company's stock traded hands, compared to its average volume of 424,162. Ibotta has a 1 year low of $31.40 and a 1 year high of $79.80. The firm has a market capitalization of $1.05 billion, a P/E ratio of 27.99 and a beta of -0.84. The business's 50-day moving average price is $48.68 and its 200-day moving average price is $58.42.

Ibotta (NYSE:IBTA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. The company had revenue of $84.57 million for the quarter, compared to analysts' expectations of $81.70 million. During the same period in the previous year, the firm posted $0.33 earnings per share. The firm's revenue for the quarter was up 2.8% compared to the same quarter last year.

Ibotta announced that its board has authorized a stock repurchase program on Wednesday, March 12th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

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.