Ibotta, Inc. (NYSE:IBTA) Receives $61.60 Consensus Price Target from Brokerages

Key Points

• Ibotta, Inc. has received a consensus rating of "Moderate Buy" from six analyst firms, with five giving a buy rating and one holding the stock.
• The average 1-year price target for Ibotta among analysts is $61.60, following recent price target increases from firms like Goldman Sachs and UBS Group.
• The company recently announced a $100 million stock repurchase program, indicating confidence in its stock value, and reported a revenue increase of 2.8% year-over-year.

Shares of Ibotta, Inc. (NYSE:IBTA - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the six brokerages that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $61.60.

Several equities research analysts recently commented on the company. Evercore ISI reaffirmed an "outperform" rating on shares of Ibotta in a report on Thursday, May 15th. Wells Fargo & Company raised their price target on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. UBS Group raised their price target on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. JMP Securities restated a "market outperform" rating and set a $58.00 price target on shares of Ibotta in a research report on Thursday, May 15th. Finally, Needham & Company LLC lifted their target price on Ibotta from $60.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, May 15th.

Insider Transactions at Ibotta

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the business's 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 transaction, the insider owned 3,841,308 shares in the company, valued at $134,445,780. The trade was a 29.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CMO Richard I. Donahue sold 85,289 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief marketing officer owned 199,773 shares in the company, 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 2,192,224 shares of company stock worth $78,652,577 in the last quarter. Insiders own 16.08% of the company's stock.

Hedge Funds Weigh In On Ibotta

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Southpoint Capital Advisors LP grew its holdings in shares of Ibotta by 48.2% in the 1st quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company's stock worth $64,840,000 after acquiring an additional 499,556 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Ibotta by 6.6% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,113,165 shares of the company's stock worth $40,742,000 after acquiring an additional 69,407 shares during the last quarter. Nikko Asset Management Americas Inc. raised 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 worth $44,458,000 after acquiring an additional 429,516 shares during the last quarter. ARK Investment Management LLC raised its holdings in shares of Ibotta by 299.8% in the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company's stock worth $29,722,000 after acquiring an additional 528,147 shares during the last quarter. Finally, Citigroup Inc. raised its holdings in shares of Ibotta by 2,500.8% in the first quarter. Citigroup Inc. now owns 334,460 shares of the company's stock worth $14,114,000 after acquiring an additional 321,600 shares during the last quarter.

Ibotta Price Performance

Shares of Ibotta stock traded up $0.51 on Friday, reaching $35.89. The company had a trading volume of 95,834 shares, compared to its average volume of 404,319. The firm's 50-day moving average price is $40.10 and its two-hundred day moving average price is $50.58. Ibotta has a 1 year low of $31.40 and a 1 year high of $79.80. The firm has a market cap of $908.38 million, a price-to-earnings ratio of 24.25, a P/E/G ratio of 3.00 and a beta of -1.27.

Ibotta (NYSE:IBTA - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating 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. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The firm's quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.33 EPS.

Ibotta announced that its board has approved a share buyback program on Monday, June 9th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 8.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board 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.