Brokerages Set Ibotta, Inc. (NYSE:IBTA) PT at $33.00

Shares of Ibotta, Inc. (NYSE:IBTA) have earned a consensus recommendation of “Reduce” from the ten ratings firms that are covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $33.00.

IBTA has been the topic of several recent research reports. Zacks Research raised Ibotta from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Wells Fargo & Company raised their price objective on Ibotta from $34.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Evercore set a $40.00 price objective on Ibotta in a research note on Thursday, May 7th. Needham & Company LLC increased their target price on Ibotta from $33.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen upgraded Ibotta from a “sell” rating to a “hold” rating in a report on Saturday, May 9th.

Insider Activity at Ibotta

In related news, CTO Luke Roy Swanson sold 5,940 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $32.98, for a total transaction of $195,901.20. Following the completion of the sale, the chief technology officer directly owned 495,844 shares of the company’s stock, valued at approximately $16,352,935.12. This trade represents a 1.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas D. Lehrman sold 19,788 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $32.11, for a total value of $635,392.68. Following the sale, the director directly owned 32,981 shares of the company’s stock, valued at $1,059,019.91. This represents a 37.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 107,701 shares of company stock valued at $3,419,255 over the last ninety days. Corporate insiders own 20.92% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in IBTA. Deutsche Bank AG increased its holdings in shares of Ibotta by 3,449.8% in the 4th quarter. Deutsche Bank AG now owns 369,890 shares of the company’s stock valued at $8,408,000 after acquiring an additional 359,470 shares during the period. Citigroup Inc. increased its holdings in shares of Ibotta by 90.2% in the 3rd quarter. Citigroup Inc. now owns 641,337 shares of the company’s stock valued at $17,861,000 after acquiring an additional 304,183 shares during the period. ARK Investment Management LLC grew its stake in Ibotta by 39.3% during the 3rd quarter. ARK Investment Management LLC now owns 907,386 shares of the company’s stock worth $25,271,000 after buying an additional 255,899 shares during the last quarter. Vanguard Group Inc. grew its stake in Ibotta by 17.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company’s stock worth $43,749,000 after buying an additional 232,027 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in Ibotta during the 2nd quarter worth $8,397,000.

Ibotta Stock Performance

IBTA stock opened at $33.80 on Tuesday. The business’s 50-day moving average is $33.38 and its two-hundred day moving average is $27.38. Ibotta has a fifty-two week low of $19.10 and a fifty-two week high of $41.14. The company has a market cap of $682.76 million, a price-to-earnings ratio of -99.41 and a beta of -0.59.

Ibotta (NYSE:IBTA) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of ($0.21) by $0.45. Ibotta had a negative return on equity of 2.39% and a negative net margin of 2.15%.The firm had revenue of $82.48 million for the quarter. During the same period last year, the business earned $0.02 EPS. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts predict that Ibotta will post 0.24 earnings per share for the current year.

Ibotta announced that its board has initiated a stock repurchase plan on Wednesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 21.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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.