Free Trial

Needham & Company LLC Has Lowered Expectations for Ibotta (NYSE:IBTA) Stock Price

Ibotta logo with Business Services background

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.
  • Looking to export and analyze Ibotta data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Ibotta (NYSE:IBTA - Get Free Report) had its price objective dropped by investment analysts at Needham & Company LLC from $70.00 to $33.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential downside of 4.54% from the company's current price.

A number of other equities research analysts have also weighed in on IBTA. UBS Group lifted their price objective on shares of Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. Citigroup lowered shares of Ibotta from a "buy" rating to a "market perform" rating in a report on Thursday. Evercore ISI reiterated an "in-line" rating and set a $38.00 price objective (down previously from $65.00) on shares of Ibotta in a report on Thursday. JMP Securities reiterated a "market outperform" rating and set a $58.00 price objective on shares of Ibotta in a report on Thursday, May 15th. Finally, The Goldman Sachs Group lowered shares of Ibotta from a "buy" rating to a "neutral" rating in a report on Thursday. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $43.29.

View Our Latest Analysis on IBTA

Ibotta Trading Up 5.1%

IBTA stock opened at $34.57 on Thursday. Ibotta has a 12 month low of $31.13 and a 12 month high of $79.80. The company has a 50-day moving average price of $38.18 and a 200 day moving average price of $49.25. The stock has a market cap of $874.97 million, a PE ratio of 23.36, a P/E/G ratio of 2.74 and a beta of -1.27.

Ibotta (NYSE:IBTA - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. Ibotta had a net margin of 16.24% and a return on equity of 15.04%. The firm had revenue of $84.57 million during the quarter, compared to analysts' expectations of $81.70 million. During the same period in the previous year, the company earned $0.33 EPS. The firm's revenue for the quarter was up 2.8% compared to the same quarter last year.

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

Insider Activity

In related news, CMO Richard I. Donahue sold 85,289 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief marketing officer 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 through 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 transaction, the insider owned 3,841,308 shares of the company's stock, valued at approximately $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 90 days, insiders sold 2,192,224 shares of company stock valued at $78,652,577. Company insiders own 16.08% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Southpoint Capital Advisors LP raised its stake in shares of Ibotta by 48.2% during the 1st quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company's stock worth $64,840,000 after acquiring an additional 499,556 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Ibotta by 6.6% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,113,165 shares of the company's stock worth $40,742,000 after acquiring an additional 69,407 shares in the last quarter. Nikko Asset Management Americas Inc. raised its stake in shares of Ibotta by 68.8% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company's stock worth $44,458,000 after acquiring an additional 429,516 shares in the last quarter. ARK Investment Management LLC raised its stake 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 acquiring an additional 528,147 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake 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 acquiring an additional 542,313 shares in the last quarter.

Ibotta Company Profile

(Get Free Report)

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.

Recommended Stories

Analyst Recommendations for Ibotta (NYSE:IBTA)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Should You Invest $1,000 in Ibotta Right Now?

Before you consider Ibotta, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Ibotta wasn't on the list.

While Ibotta currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Cover

Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

3 Stocks With Explosive Upside
September Slowdown: 3 Stocks to Buy When the Pullback Comes
3 Overlooked Stocks Riding the AI Data Center Boom

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines