Ibotta (NYSE:IBTA) Price Target Raised to $45.00 at Needham & Company LLC

Key Points

• Needham & Company raised Ibotta's price target from $33 to $45 and maintained a buy rating, implying roughly a 21.4% upside from the current price.
• Ibotta reported quarterly EPS of $0.24 versus an expected ($0.21) and its board authorized a $100 million share buyback, equal to up to 21.2% of outstanding shares.
• Analyst sentiment remains mixed and cautious overall — the consensus rating is Reduce (1 Buy, 5 Hold, 3 Sell) with an average price target of $34.86.

Ibotta (NYSE:IBTA - Get Free Report) had its target price boosted by equities research analysts at Needham & Company LLC from $33.00 to $45.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price target indicates a potential upside of 21.36% from the company's current price.

Several other equities research analysts have also recently weighed in on IBTA. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Ibotta in a research report on Friday, March 27th. Wall Street Zen cut shares of Ibotta from a "hold" rating to a "sell" rating in a research report on Saturday, February 28th. Finally, Wells Fargo & Company upped their price target on shares of Ibotta from $30.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 26th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $34.86.

Ibotta Price Performance

Shares of IBTA stock opened at $37.08 on Thursday. The company's 50-day simple moving average is $29.67 and its two-hundred day simple moving average is $26.22. Ibotta has a one year low of $19.10 and a one year high of $62.74. The company has a market capitalization of $770.15 million, a P/E ratio of 337.12 and a beta of -0.61.

Ibotta (NYSE:IBTA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.45. Ibotta had a net margin of 1.04% and a return on equity of 1.04%. The firm had revenue of $82.48 million during the quarter. During the same period in the previous year, the company posted $0.02 EPS. Ibotta's revenue for the quarter was down 2.5% on a year-over-year basis. On average, research analysts expect that Ibotta will post -0.42 EPS for the current fiscal year.

Ibotta announced that its Board of Directors has initiated a stock buyback plan on Wednesday, March 11th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 21.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In other news, insider Marisa Daspit sold 2,956 shares of Ibotta stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $24.06, for a total value of $71,121.36. Following the sale, the insider owned 127,597 shares in the company, valued at $3,069,983.82. This trade represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 20.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ibotta

Institutional investors and hedge funds have recently bought and sold shares of the business. New York State Teachers Retirement System acquired a new position in Ibotta during the first quarter worth about $39,000. CWM LLC boosted its position in Ibotta by 50.8% during the third quarter. CWM LLC now owns 1,422 shares of the company's stock worth $40,000 after acquiring an additional 479 shares during the last quarter. Quantbot Technologies LP acquired a new position in Ibotta during the second quarter worth about $66,000. Caitong International Asset Management Co. Ltd boosted its position in Ibotta by 187.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company's stock worth $41,000 after acquiring an additional 1,185 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Ibotta by 47,920.0% during the fourth quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company's stock worth $55,000 after acquiring an additional 2,396 shares during the last quarter.

About Ibotta

Ibotta NYSE: IBTA is a Denver‐based mobile commerce platform that connects consumers, retailers and brands through a unified cash-back rewards experience. Users access the Ibotta mobile app or browser extension to unlock rebates on everyday purchases, redeemable on groceries, retail goods, travel bookings and digital services. The platform integrates with major supermarket chains, big‐box retailers and online merchants, enabling shoppers to earn automatic cash-back both in physical stores and across e-commerce channels.

Founded in 2012 by co‐founder and CEO Bryan Leach, Ibotta has evolved from a simple rebate app into a comprehensive performance marketing partner for consumer goods companies.

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