Ibotta (NYSE:IBTA) Given New $33.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC has lowered its price target for Ibotta (NYSE:IBTA) from **$70.00 to $33.00**, indicating a potential downside of 4.54% from its current price, while maintaining a "buy" rating.
• Ibotta's recent quarterly earnings report noted an EPS of **$0.02**, surpassing expectations, with revenue rising **2.8% year-over-year** to **$84.57 million**.
• The company has approved a **$100 million** stock buyback plan, suggesting that its board believes the stock is currently undervalued.

Ibotta (NYSE:IBTA - Get Free Report) had its price objective dropped by analysts at Needham & Company LLC from $70.00 to $33.00 in a research note issued to investors on Thursday, MarketBeat reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price indicates a potential upside of 21.95% from the company's current price.

IBTA has been the topic of several other reports. Citigroup lowered Ibotta from a "buy" rating to a "market perform" rating in a research note on Thursday, August 14th. The Goldman Sachs Group lowered Ibotta from a "buy" rating to a "neutral" rating and cut their price target for the company from $58.00 to $30.00 in a research note on Thursday, August 14th. JMP Securities reissued a "market outperform" rating and set a $58.00 price target on shares of Ibotta in a research note on Thursday, May 15th. Wells Fargo & Company restated an "equal weight" rating and set a $30.00 price objective (down from $60.00) on shares of Ibotta in a research report on Thursday, August 14th. Finally, Bank of America restated an "underperform" rating and set a $24.00 price target (down previously from $57.00) on shares of Ibotta in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Ibotta has an average rating of "Hold" and an average target price of $34.71.

Ibotta Trading Up 3.5%

IBTA stock traded up $0.91 during trading hours on Thursday, hitting $27.06. 606,266 shares of the stock were exchanged, compared to its average volume of 456,030. The firm has a market capitalization of $683.54 million, a P/E ratio of 9.40, a P/E/G ratio of 3.48 and a beta of -1.27. The company has a 50-day simple moving average of $36.78 and a two-hundred day simple moving average of $48.26. Ibotta has a 12 month low of $22.50 and a 12 month high of $79.80.

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

Insider Buying and Selling at Ibotta

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction on Thursday, June 12th. The stock was 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 approximately $8,608,218.57. This represents a 29.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,191,852 shares of company stock worth $78,632,031. 16.08% of the stock is owned by insiders.

Institutional Trading of Ibotta

A number of hedge funds and other institutional investors have recently bought and sold shares of IBTA. GAMMA Investing LLC increased its stake in Ibotta by 2,859.7% during the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock valued at $840,000 after purchasing an additional 1,916 shares in the last quarter. Rhumbline Advisers increased its stake in Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock valued at $853,000 after purchasing an additional 1,252 shares in the last quarter. AMI Asset Management Corp bought a new stake in Ibotta during the 1st quarter valued at $488,000. Sumitomo Mitsui Trust Group Inc. increased its stake in Ibotta by 67.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock valued at $44,047,000 after purchasing an additional 419,516 shares in the last quarter. Finally, New York State Common Retirement Fund increased 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 purchasing an additional 1,800 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.