Wells Fargo & Company Reaffirms "Equal Weight" Rating for Ibotta (NYSE:IBTA)

Key Points

• Wells Fargo & Company has reaffirmed an "equal weight" rating for Ibotta (NYSE:IBTA) with a new target price of $30.00, significantly reduced from $60.00, indicating a potential downside of 13.22% from the current stock price.
• Other analysts have also lowered their ratings, with Goldman Sachs moving from "buy" to "neutral" and Bank of America reducing its target from $57.00 to $24.00.
• Ibotta's most recent earnings report revealed a net margin of 16.24% and revenue growth of 2.8% year-over-year, exceeding analysts' expectations with revenue of $84.57 million.

Ibotta (NYSE:IBTA - Get Free Report)'s stock had its "equal weight" rating reaffirmed by investment analysts at Wells Fargo & Company in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They presently have a $30.00 target price on the stock, down from their previous target price of $60.00. Wells Fargo & Company's price objective would indicate a potential upside of 10.38% from the company's current price.

IBTA has been the subject of a number of other research reports. Needham & Company LLC upped their price objective on shares of Ibotta from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. UBS Group increased their target price on shares of Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. JMP Securities reissued a "market outperform" rating and set a $58.00 target price on shares of Ibotta in a research report on Thursday, May 15th. 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. Finally, Citigroup downgraded shares of Ibotta from a "buy" rating to a "market perform" rating in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $34.71.

Ibotta Stock Up 3.9%

Shares of Ibotta stock traded up $1.03 on Thursday, hitting $27.18. The company's stock had a trading volume of 567,236 shares, compared to its average volume of 455,812. The company has a market capitalization of $686.57 million, a P/E ratio of 9.44, a price-to-earnings-growth ratio of 3.48 and a beta of -1.27. The firm has a fifty day moving average price of $36.78 and a 200-day moving average price of $48.26. Ibotta has a 52-week low of $22.50 and a 52-week high of $79.80.

Ibotta announced that its board has authorized a share repurchase program on Monday, June 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to buy up to 8.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of Ibotta stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $35.00, for a total value of $55,247,570.00. Following the completion of the transaction, the insider owned 3,841,308 shares of the company's stock, valued at $134,445,780. The trade was a 29.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CMO Richard I. Donahue sold 85,289 shares of Ibotta 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 completion of the transaction, the chief marketing officer directly owned 199,773 shares of the company's stock, valued at approximately $8,608,218.57. This represents a 29.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,191,852 shares of company stock valued at $78,632,031 in the last three months. Corporate insiders own 16.08% of the company's stock.

Institutional Investors Weigh In On Ibotta

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Nikko Asset Management Americas Inc. raised its stake in shares of Ibotta by 5.1% during the second quarter. Nikko Asset Management Americas Inc. now owns 1,107,338 shares of the company's stock valued at $40,529,000 after purchasing an additional 53,820 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Ibotta by 144.2% during the second 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 in the last quarter. Man Group plc bought a new stake in shares of Ibotta during the second quarter valued at about $529,000. HRT Financial LP bought a new stake in shares of Ibotta during the second quarter valued at about $1,739,000. Finally, Engineers Gate Manager LP bought a new stake in Ibotta in the second quarter worth about $1,106,000.

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.