Ibotta (NYSE:IBTA) Shares Gap Up - Time to Buy?

Shares of Ibotta, Inc. (NYSE:IBTA - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $46.13, but opened at $49.49. Ibotta shares last traded at $48.53, with a volume of 56,514 shares traded.

Analysts Set New Price Targets

Several equities analysts recently commented on IBTA shares. Wells Fargo & Company upped their price target on shares of Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. The Goldman Sachs Group upped their price target on shares of Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. UBS Group upped their price target on shares of Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Evercore ISI reaffirmed an "outperform" rating on shares of Ibotta in a research report on Thursday, May 15th. Finally, Needham & Company LLC upped their price target on shares of Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $61.60.

Ibotta Price Performance

The firm's 50-day moving average price is $48.70 and its 200-day moving average price is $58.52. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 28.07 and a beta of -0.84.

Ibotta (NYSE:IBTA - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. The business had revenue of $84.57 million during the quarter, compared to analyst estimates of $81.70 million. During the same period in the previous year, the company earned $0.33 EPS. Ibotta's revenue was up 2.8% on a year-over-year basis.

Ibotta announced that its board has initiated a stock repurchase program on Wednesday, March 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Transactions at Ibotta

In other news, major shareholder Jermoluk Founders Fund I. Clark sold 23,397 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $49.99, for a total value of $1,169,616.03. Following the completion of the transaction, the insider now directly owns 511,241 shares in the company, valued at approximately $25,556,937.59. This represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Marisa Daspit sold 1,243 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $49.44, for a total transaction of $61,453.92. Following the completion of the transaction, the insider now owns 56,282 shares of the company's stock, valued at $2,782,582.08. This trade represents a 2.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,555 shares of company stock valued at $3,703,146 over the last 90 days. Corporate insiders own 16.08% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Ibotta during the 1st quarter valued at $25,000. Jones Financial Companies Lllp bought a new position in Ibotta during the 1st quarter valued at $161,000. New York State Common Retirement Fund boosted its stake in Ibotta by 58.1% during the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock valued at $207,000 after acquiring an additional 1,800 shares during the last quarter. Federated Hermes Inc. boosted its stake in Ibotta by 883.9% during the 1st quarter. Federated Hermes Inc. now owns 6,740 shares of the company's stock valued at $284,000 after acquiring an additional 6,055 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Ibotta by 53.6% during the 1st quarter. Invesco Ltd. now owns 7,962 shares of the company's stock valued at $336,000 after acquiring an additional 2,780 shares during 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.