Ibotta, Inc. (NYSE:IBTA) Given Consensus Recommendation of “Reduce” by Analysts

Ibotta, Inc. (NYSE:IBTA) has received a consensus recommendation of “Reduce” from the ten brokerages that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $36.50.

Several research firms have recently commented on IBTA. Evercore set a $42.00 target price on shares of Ibotta in a research note on Tuesday, August 4th. Wells Fargo & Company boosted their price target on shares of Ibotta from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. Wall Street Zen raised shares of Ibotta from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. UBS Group raised their price objective on shares of Ibotta from $30.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Finally, The Goldman Sachs Group boosted their target price on Ibotta from $28.00 to $32.00 and gave the stock a “sell” rating in a research report on Tuesday, August 4th.

Ibotta Price Performance

NYSE:IBTA opened at $36.42 on Wednesday. The firm’s fifty day moving average price is $31.58 and its 200 day moving average price is $29.47. Ibotta has a 1-year low of $19.10 and a 1-year high of $40.49. The firm has a market cap of $735.68 million, a price-to-earnings ratio of -77.49 and a beta of -0.44.

Insider Buying and Selling at Ibotta

In other Ibotta news, CTO Luke Roy Swanson sold 5,940 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $24.47, for a total value of $145,351.80. Following the completion of the sale, the chief technology officer owned 483,964 shares of the company’s stock, valued at approximately $11,842,599.08. This trade represents a 1.21% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $30.15, for a total transaction of $15,075,000.00. Following the transaction, the insider directly owned 3,341,308 shares in the company, valued at approximately $100,740,436.20. This trade represents a 13.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 594,527 shares of company stock valued at $18,019,902. 20.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IBTA. Essential Partners LLC boosted its stake in shares of Ibotta by 40,800.0% during the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock worth $25,000 after acquiring an additional 816 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Ibotta in the 1st quarter valued at approximately $39,000. New York State Teachers Retirement System acquired a new position in Ibotta during the first quarter worth $39,000. Caitong International Asset Management Co. Ltd boosted its position in Ibotta by 187.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock worth $41,000 after purchasing an additional 1,185 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Ibotta by 47,920.0% during the fourth quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company’s stock worth $55,000 after purchasing an additional 2,396 shares in the last quarter.

Ibotta Company Profile

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.