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

Shares of Ibotta, Inc. (NYSE:IBTA) have been given an average recommendation of “Reduce” by the eight brokerages that are currently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $36.50.

Several analysts have recently commented on IBTA shares. UBS Group increased their price target 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. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ibotta in a research note on Wednesday, June 24th. Zacks Research upgraded Ibotta from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, The Goldman Sachs Group boosted their price target on Ibotta from $28.00 to $32.00 and gave the stock a “sell” rating in a report on Tuesday, August 4th.

Insider Buying and Selling

In other Ibotta news, insider Marisa Daspit sold 2,956 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $37.46, for a total transaction of $110,731.76. Following the sale, the insider directly owned 117,251 shares of the company’s stock, valued at $4,392,222.46. This trade represents a 2.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas D. Lehrman sold 14,347 shares of Ibotta stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $37.28, for a total transaction of $534,856.16. Following the sale, the director owned 16,490 shares of the company’s stock, valued at approximately $614,747.20. This trade represents a 46.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 595,968 shares of company stock worth $18,514,451. 20.92% of the stock is owned by corporate insiders.

Institutional Trading of Ibotta

Hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System raised its holdings in Ibotta by 6,672.2% in the 2nd quarter. California State Teachers Retirement System now owns 351,882 shares of the company’s stock valued at $12,020,000 after acquiring an additional 346,686 shares during the last quarter. Essential Partners LLC boosted its holdings in shares of Ibotta by 40,800.0% during the first quarter. Essential Partners LLC now owns 818 shares of the company’s stock worth $25,000 after purchasing an additional 816 shares during the last quarter. Bank of America Corp DE grew its position in shares of Ibotta by 17.8% in the first quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock valued at $7,168,000 after purchasing an additional 36,223 shares during the period. Renaissance Technologies LLC increased its stake in Ibotta by 17.7% in the first quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock valued at $7,172,000 after purchasing an additional 35,992 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in Ibotta in the first quarter valued at $344,000.

Ibotta Trading Up 2.7%

Shares of IBTA opened at $38.34 on Friday. The stock has a market cap of $774.47 million, a P/E ratio of -81.57 and a beta of -0.25. The company has a 50-day moving average of $33.61 and a two-hundred day moving average of $31.44. Ibotta has a 12-month low of $19.10 and a 12-month high of $40.49.

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.