Ibotta (NYSE:IBTA) Price Target Lowered to $30.00 at UBS Group

Key Points

• UBS Group has significantly reduced its target price for Ibotta (NYSE:IBTA) from $55.00 to $30.00, indicating a cautious outlook with a current "neutral" rating on the stock.
• Several other brokerages have also recently downgraded Ibotta's stock, with Goldman Sachs lowering their target to $30.00, mirroring the sentiment among analysts.
• Ibotta's stock dropped 27.6% during trading, with shares currently valued at approximately $24.52, and a consensus price target of $34.71 from analysts.

Ibotta (NYSE:IBTA - Free Report) had its target price cut by UBS Group from $55.00 to $30.00 in a research note released on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts have also commented on IBTA. JMP Securities reaffirmed a "market perform" rating on shares of Ibotta in a research note on Thursday, August 14th. Citigroup lowered shares of Ibotta from a "buy" rating to a "market perform" rating in a research report on Thursday, August 14th. The Goldman Sachs Group lowered shares of Ibotta from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $58.00 to $30.00 in a research report on Thursday, August 14th. Citizens Jmp downgraded Ibotta from an "outperform" rating to a "market perform" rating in a report on Thursday, August 14th. Finally, Bank of America restated an "underperform" rating and issued a $24.00 price objective (down previously from $57.00) on shares of Ibotta in a 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $34.71.

Ibotta Stock Up 4.1%

Ibotta stock traded up $1.06 during midday trading on Thursday, hitting $27.21. The company's stock had a trading volume of 661,309 shares, compared to its average volume of 456,401. The stock's 50-day moving average price is $36.78 and its 200-day moving average price is $48.26. Ibotta has a 12 month low of $22.50 and a 12 month high of $79.80. The company has a market capitalization 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 declared that its Board of Directors has approved a stock repurchase plan on Monday, June 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Ibotta

In other news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the 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 completion of the sale, the insider directly owned 3,841,308 shares of the company's stock, valued at approximately $134,445,780. This represents a 29.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were 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 directly owned 199,773 shares of the company's stock, valued at $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. Insiders sold 2,191,852 shares of company stock valued at $78,632,031 over the last three months. 16.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in shares of Ibotta by 2,859.7% during the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock valued at $840,000 after acquiring an additional 1,916 shares during the period. Rhumbline Advisers lifted its holdings in shares of Ibotta by 6.6% during the first quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock valued at $853,000 after acquiring an additional 1,252 shares during the period. AMI Asset Management Corp bought a new position in shares of Ibotta during the first quarter valued at $488,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Ibotta by 67.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock valued at $44,047,000 after acquiring an additional 419,516 shares during the period. Finally, New York State Common Retirement Fund lifted its holdings in shares of Ibotta by 58.1% during the first 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 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.