Ibotta (NYSE:IBTA) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Ibotta has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a moderated outlook for the company's stock performance.
• Multiple analysts have recently lowered their price targets for Ibotta, with Goldman Sachs reducing theirs from $58.00 to $30.00, reflecting a more cautious view on the company's growth potential.
• The company's board has authorized a $100 million stock buyback program, signaling confidence in the company's valuation despite recent stock price fluctuations.

Ibotta (NYSE:IBTA - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

Other research analysts also recently issued research reports about the stock. Wells Fargo & Company reissued an "equal weight" rating and issued a $30.00 price objective (down previously from $60.00) on shares of Ibotta in a research report on Thursday, August 14th. JMP Securities reissued a "market perform" rating on shares of Ibotta in a research report on Thursday, August 14th. Citizens Jmp downgraded shares of Ibotta from an "outperform" rating to a "market perform" rating in a report on Thursday, August 14th. The Goldman Sachs Group lowered shares of Ibotta from a "buy" rating to a "neutral" rating and decreased their price target for the company from $58.00 to $30.00 in a research note on Thursday, August 14th. Finally, UBS Group decreased their price target on shares of Ibotta from $55.00 to $30.00 and set a "neutral" rating on the stock in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $34.71.

Ibotta Trading Down 0.1%

Shares of IBTA traded down $0.02 during midday trading on Friday, reaching $26.72. The stock had a trading volume of 475,223 shares, compared to its average volume of 441,938. The firm has a 50 day simple moving average of $31.31 and a 200-day simple moving average of $40.18. Ibotta has a one year low of $22.50 and a one year high of $79.80. The firm has a market cap of $674.95 million, a PE ratio of 9.28, a P/E/G ratio of 21.39 and a beta of -1.31.

Ibotta announced that its board has initiated a share buyback plan on Monday, June 9th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 8.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at Ibotta

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 423,878 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $35.02, for a total transaction of $14,844,207.56. Following the transaction, the insider owned 11,363 shares in the company, valued at $397,932.26. This trade represents a 97.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 2,017,380 shares of company stock worth $70,664,828 over the last 90 days. Corporate insiders own 16.08% of the company's stock.

Hedge Funds Weigh In On Ibotta

Hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Ibotta during the 1st quarter worth $25,000. CWM LLC increased its stake in Ibotta by 225.2% during the 2nd quarter. CWM LLC now owns 943 shares of the company's stock worth $35,000 after acquiring an additional 653 shares during the period. Private Wealth Asset Management LLC bought a new position in Ibotta during the 2nd quarter worth $37,000. Quantbot Technologies LP acquired a new position in shares of Ibotta in the 2nd quarter valued at approximately $66,000. Finally, GAMMA Investing LLC raised its position in shares of Ibotta by 2,859.7% in the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock valued at $840,000 after buying an additional 1,916 shares in 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.