Ibotta, Inc. (NYSE:IBTA) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Analysts have given Ibotta, Inc. (NYSE:IBTA) a consensus rating of "Hold", with an average target price of $34.71; one analyst rated it a sell, seven rated it a hold, and one rated it a buy.
• Insiders have recently sold over 2 million shares, resulting in a significant decrease in their ownership stakes, with the CMO selling 85,289 shares and a major shareholder selling 1.58 million shares.
• Ibotta has initiated a $100 million stock buyback program, indicating that the board believes the company's shares are undervalued.

Shares of Ibotta, Inc. (NYSE:IBTA - Get Free Report) have received a consensus recommendation of "Hold" from the nine brokerages that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $34.7143.

IBTA has been the subject of a number of recent research reports. Citigroup cut shares of Ibotta from a "buy" rating to a "market perform" rating in a research note on Thursday, August 14th. Wells Fargo & Company restated an "equal weight" rating and issued a $30.00 price objective (down previously from $60.00) on shares of Ibotta in a research note on Thursday, August 14th. UBS Group dropped their price objective on shares of Ibotta from $55.00 to $30.00 and set a "neutral" rating for the company in a research note on Thursday, August 14th. Evercore ISI reiterated an "in-line" rating and set a $38.00 target price (down previously from $65.00) on shares of Ibotta in a research report on Thursday, August 14th. Finally, The Goldman Sachs Group cut shares of Ibotta from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $58.00 to $30.00 in a research report on Thursday, August 14th.

Insider Transactions at Ibotta

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the completion of the sale, the insider owned 3,841,308 shares in the company, valued at $134,445,780. This trade represents a 29.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction dated 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 sale, the chief marketing officer owned 199,773 shares of the company's stock, valued at $8,608,218.57. This trade represents a 29.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,163,309 shares of company stock valued at $77,202,771 in the last quarter. 16.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ibotta

Hedge funds have recently made changes to their positions in the company. ARK Investment Management LLC increased its position in shares of 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 in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Ibotta by 67.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock worth $44,047,000 after acquiring an additional 419,516 shares during the last quarter. XTX Topco Ltd grew its holdings in Ibotta by 237.9% during the 1st quarter. XTX Topco Ltd now owns 24,068 shares of the company's stock worth $1,016,000 after acquiring an additional 16,945 shares during the last quarter. AMI Asset Management Corp bought a new stake in Ibotta during the 1st quarter worth about $488,000. Finally, Pacer Advisors Inc. bought a new stake in Ibotta during the 1st quarter worth about $3,539,000.

Ibotta Stock Performance

Shares of IBTA stock traded up $1.40 during mid-day trading on Wednesday, reaching $26.87. The company's stock had a trading volume of 420,626 shares, compared to its average volume of 871,413. Ibotta has a 1-year low of $22.50 and a 1-year high of $79.80. The company has a market cap of $678.74 million, a P/E ratio of 9.33, a PEG ratio of 21.55 and a beta of -1.27. The firm's 50-day moving average is $34.12 and its two-hundred day moving average is $45.27.

Ibotta announced that its Board of Directors has initiated a share repurchase program on Monday, June 9th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 8.5% of its stock through open market purchases. Stock buyback programs are generally 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.