Wells Fargo & Company Forecasts Strong Price Appreciation for Ibotta (NYSE:IBTA) Stock

Ibotta (NYSE:IBTA) had its target price lifted by stock analysts at Wells Fargo & Company from $30.00 to $34.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 19.89% from the stock’s previous close.

A number of other equities analysts also recently weighed in on the stock. The Goldman Sachs Group cut their price target on shares of Ibotta from $26.00 to $23.00 and set a “sell” rating on the stock in a report on Thursday, November 13th. Evercore dropped their target price on shares of Ibotta from $38.00 to $32.00 and set an “in-line” rating on the stock in a research note on Thursday, November 13th. Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a research note on Monday, December 29th. Finally, Bank of America lowered their price target on shares of Ibotta from $24.00 to $22.00 and set an “underperform” rating on the stock in a report on Thursday, November 13th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $33.14.

Ibotta Stock Performance

Shares of Ibotta stock traded up $7.86 during mid-day trading on Thursday, hitting $28.36. 784,768 shares of the stock were exchanged, compared to its average volume of 297,018. The company has a market capitalization of $664.76 million, a P/E ratio of 11.72 and a beta of -0.88. The company has a 50-day simple moving average of $21.85 and a 200 day simple moving average of $25.50. Ibotta has a 12 month low of $19.10 and a 12 month high of $62.74.

Ibotta (NYSE:IBTA) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.03). The business had revenue of $88.53 million for the quarter. Ibotta had a return on equity of 20.94% and a net margin of 22.92%.The company’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.67 EPS.

Institutional Trading of Ibotta

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC lifted its holdings in Ibotta by 225.2% during the 2nd quarter. CWM LLC now owns 943 shares of the company’s stock worth $35,000 after purchasing an additional 653 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of Ibotta by 187.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock valued at $41,000 after buying an additional 1,185 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Ibotta by 47,920.0% in the fourth quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company’s stock worth $55,000 after buying an additional 2,396 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Ibotta in the second quarter valued at approximately $66,000. Finally, Tower Research Capital LLC TRC grew its stake in 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 acquiring an additional 2,274 shares in the last quarter.

About Ibotta

Ibotta (NYSE: IBTA) is a Denver?based mobile commerce platform that connects consumers, retailers and brands through a unified cash-back rewards experience. Users access the Ibotta mobile app or browser extension to unlock rebates on everyday purchases, redeemable on groceries, retail goods, travel bookings and digital services. The platform integrates with major supermarket chains, big?box retailers and online merchants, enabling shoppers to earn automatic cash-back both in physical stores and across e-commerce channels.

Founded in 2012 by co?founder and CEO Bryan Leach, Ibotta has evolved from a simple rebate app into a comprehensive performance marketing partner for consumer goods companies.