Ibotta (NYSE:IBTA) Given In-Line Rating at Evercore ISI

Key Points

• Evercore ISI has reaffirmed Ibotta's stock rating as "in-line" with a target price reduced to $38.00, suggesting a potential upside of 9.92% from its last close.
• Ibotta's recent earnings showed a revenue of $84.57 million, exceeding analyst expectations and marking a 2.8% increase year-over-year.
• The company announced a stock buyback plan of $100 million, indicating management's belief that the stock is currently undervalued.

Evercore ISI reaffirmed their in-line rating on shares of Ibotta (NYSE:IBTA - Free Report) in a research note published on Thursday morning, MarketBeat.com reports. Evercore ISI currently has a $38.00 price objective on the stock, down from their previous price objective of $65.00.

Several other equities analysts also recently weighed in on the company. Wells Fargo & Company lifted their target price on Ibotta from $52.00 to $60.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. UBS Group lifted their target price on Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. Needham & Company LLC lifted their target price on Ibotta from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Citigroup downgraded Ibotta from a "buy" rating to a "market perform" rating in a research report on Thursday, August 14th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $58.00 target price on shares of Ibotta in a research report on Thursday, May 15th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Ibotta has a consensus rating of "Hold" and an average price target of $34.71.

Ibotta Trading Up 3.9%

IBTA stock traded up $1.03 during midday trading on Thursday, reaching $27.18. The stock had a trading volume of 567,236 shares, compared to its average volume of 455,812. The company's fifty day simple moving average is $36.78 and its 200 day simple moving average is $48.26. The company has a market cap of $686.57 million, a price-to-earnings ratio of 9.44, a price-to-earnings-growth ratio of 3.48 and a beta of -1.27. Ibotta has a 52-week low of $22.50 and a 52-week high of $79.80.

Ibotta declared that its Board of Directors 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 repurchase up to 8.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Ibotta news, CMO Richard I. Donahue sold 85,289 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $43.09, for a total value of $3,675,103.01. Following the completion of the sale, the chief marketing officer owned 199,773 shares in the company, valued at approximately $8,608,218.57. The trade was a 29.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the company's stock in a transaction that occurred on 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 sale, the insider owned 3,841,308 shares of the company's stock, valued at $134,445,780. This trade represents a 29.12% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,191,852 shares of company stock valued at $78,632,031. 16.08% of the stock is owned by company insiders.

Institutional Trading of Ibotta

A number of large investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Ibotta during the first quarter worth about $25,000. CWM LLC raised its holdings in shares of Ibotta by 225.2% in the 2nd quarter. CWM LLC now owns 943 shares of the company's stock worth $35,000 after purchasing an additional 653 shares during the period. Private Wealth Asset Management LLC purchased a new position in shares of Ibotta in the 2nd quarter worth about $37,000. Quantbot Technologies LP purchased a new position in shares of Ibotta in the 2nd quarter worth about $66,000. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Ibotta by 144.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,851 shares of the company's stock worth $141,000 after purchasing an additional 2,274 shares during the period.

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.