Ibotta (NYSE:IBTA) Shares Gap Down - Time to Sell?

Key Points

• Ibotta's stock price gapped down from $31.12 to open at $29.99, with recent trading at $29.37.
• Analyst ratings show mixed sentiment, with one upgrade to "hold" and price targets varying from $30.00 to $33.00.
• Institutional investors are increasing their stakes in Ibotta, with notable increases from Southpoint Capital Advisors and JPMorgan Chase & Co. in recent quarters.

Ibotta, Inc. (NYSE:IBTA - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $31.12, but opened at $29.99. Ibotta shares last traded at $29.37, with a volume of 34,206 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on IBTA shares. Wall Street Zen raised shares of Ibotta from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. JMP Securities reissued a "market perform" rating on shares of Ibotta in a research report on Thursday, August 14th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $30.00 price target (down from $60.00) on shares of Ibotta in a report on Thursday, August 14th. Citizens Jmp cut shares of Ibotta from an "outperform" rating to a "market perform" rating in a research report on Thursday, August 14th. Finally, Needham & Company LLC decreased their price objective on shares of Ibotta from $70.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $34.14.

Ibotta Stock Performance

The firm has a market cap of $772.96 million, a price-to-earnings ratio of 10.63, a price-to-earnings-growth ratio of 24.98 and a beta of -1.19. The business's 50 day moving average price is $28.12 and its 200-day moving average price is $38.43.

Ibotta (NYSE:IBTA - Get Free Report) last issued its earnings results on Thursday, May 30th. The company reported ($0.10) EPS for the quarter. The firm had revenue of $56.52 million during the quarter. Ibotta had a return on equity of 24.26% and a net margin of 26.24%.

Hedge Funds Weigh In On Ibotta

Several institutional investors have recently modified their holdings of the company. Southpoint Capital Advisors LP raised its holdings in shares of Ibotta by 48.2% during the first quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company's stock valued at $64,840,000 after buying an additional 499,556 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake 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 purchasing an additional 69,407 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in Ibotta by 5.1% in the second quarter. Nikko Asset Management Americas Inc. now owns 1,107,338 shares of the company's stock worth $40,529,000 after purchasing an additional 53,820 shares during the period. ARK Investment Management LLC raised 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 buying an additional 528,147 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Ibotta by 481.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 654,876 shares of the company's stock worth $23,968,000 after buying an additional 542,313 shares in the last quarter.

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.

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