Ibotta (NYSE:IBTA) Earns Market Perform Rating from JMP Securities

Key Points

• JMP Securities has reiterated Ibotta's stock rating as "market perform," while other firms like Goldman Sachs have downgraded their ratings significantly.
• Ibotta recently announced a $100 million share buyback plan indicating the company's belief that its stock is undervalued.
• The company's latest earnings report showed a revenue increase of 2.8% year-over-year, with a reported EPS of $0.02 exceeding estimates.

Ibotta (NYSE:IBTA - Get Free Report)'s stock had its "market perform" rating reaffirmed by research analysts at JMP Securities in a research note issued to investors on Thursday,Benzinga reports.

A number of other equities analysts also recently commented on the stock. Citigroup downgraded shares of Ibotta from a "buy" rating to a "market perform" rating in a research note on Thursday, August 14th. Evercore ISI reissued an "in-line" rating and set a $38.00 target price (down previously from $65.00) on shares of Ibotta in a research report on Thursday, August 14th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $30.00 price target (down from $60.00) on shares of Ibotta in a report on Thursday, August 14th. Needham & Company LLC dropped their price objective on shares of Ibotta from $70.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday, August 14th. Finally, The Goldman Sachs Group downgraded Ibotta from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $58.00 to $30.00 in a research report on Thursday, August 14th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $34.71.

Ibotta Stock Up 4.1%

Shares of IBTA traded up $1.06 during midday trading on Thursday, reaching $27.21. The company had a trading volume of 661,309 shares, compared to its average volume of 456,401. Ibotta has a 1-year low of $22.50 and a 1-year high of $79.80. The firm has a 50 day simple moving average of $36.78 and a 200-day simple moving average of $48.26. The stock has a market cap of $687.32 million, a PE ratio of 9.45, a price-to-earnings-growth ratio of 3.48 and a beta of -1.27.

Ibotta announced that its Board of Directors has initiated a stock repurchase program on Monday, June 9th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 8.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at Ibotta

In other news, CMO Richard I. Donahue sold 85,289 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the transaction, the chief marketing officer directly owned 199,773 shares in the company, valued at $8,608,218.57. The trade was a 29.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the business'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 transaction of $55,247,570.00. Following the completion of the sale, the insider directly owned 3,841,308 shares of the company's stock, valued at $134,445,780. This represents a 29.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,191,852 shares of company stock valued at $78,632,031. Company insiders own 16.08% of the company's stock.

Institutional Investors Weigh In On Ibotta

Several large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Ibotta during the first quarter worth approximately $25,000. CWM LLC increased its holdings in Ibotta by 225.2% during the 2nd quarter. CWM LLC now owns 943 shares of the company's stock valued at $35,000 after purchasing an additional 653 shares in the last quarter. Private Wealth Asset Management LLC acquired a new position in Ibotta in the second quarter worth $37,000. Quantbot Technologies LP acquired a new stake in shares of Ibotta in the second quarter valued at approximately $66,000. Finally, Tower Research Capital LLC TRC lifted its stake 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 valued at $141,000 after purchasing an additional 2,274 shares during the period.

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.