Ibotta (NYSE:IBTA) Hits New 52-Week High – Still a Buy?

Ibotta, Inc. (NYSE:IBTA)’s stock price reached a new 52-week high during trading on Wednesday. The stock traded as high as $50.10 and last traded at $49.93, with a volume of 146,958 shares trading hands. The stock had previously closed at $48.13.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on IBTA shares. Wells Fargo & Company lifted their target price on Ibotta from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 4th. Evercore set a $42.00 target price on Ibotta in a research note on Tuesday, August 4th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ibotta in a research note on Monday, September 21st. The Goldman Sachs Group upped their price objective on Ibotta from $28.00 to $32.00 and gave the company a “sell” rating in a research note on Tuesday, August 4th. Finally, UBS Group lifted their target price on shares of Ibotta from $30.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $36.50.

Ibotta Price Performance

The company has a market capitalization of $980.31 million, a P/E ratio of -103.25 and a beta of -0.29. The stock has a 50-day moving average price of $40.88 and a 200-day moving average price of $35.59.

Insider Buying and Selling at Ibotta

In other news, insider Marisa Daspit sold 2,956 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $37.46, for a total value of $110,731.76. Following the transaction, the insider owned 117,251 shares in the company, valued at approximately $4,392,222.46. The trade was a 2.46% decrease in their position. The sale 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 the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $37.28, for a total transaction of $534,856.16. Following the completion of the sale, the director directly owned 16,490 shares in the company, valued at approximately $614,747.20. This represents a 46.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 116,068 shares of company stock valued at $4,271,876. 20.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ibotta

Several hedge funds and other institutional investors have recently bought and sold shares of IBTA. Hsbc Holdings PLC boosted its position in Ibotta by 29.4% during the fourth quarter. Hsbc Holdings PLC now owns 993,977 shares of the company’s stock valued at $22,210,000 after acquiring an additional 226,021 shares during the last quarter. Bank of America Corp DE raised its position in shares of Ibotta by 17.8% in the 1st quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock worth $7,168,000 after acquiring an additional 36,223 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Ibotta by 17.7% during the 1st 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 in the last quarter. Essential Partners LLC boosted its position in shares of Ibotta by 40,800.0% during the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock valued at $25,000 after purchasing an additional 816 shares in the last quarter. Finally, New York State Teachers Retirement System acquired a new stake in Ibotta during the first quarter worth approximately $39,000.

About Ibotta

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Through its Ibotta app and website, consumers can earn cash back and other rewards by purchasing eligible products from participating retailers. The company’s offerings are designed to help brands and retailers deliver targeted promotions, measure consumer engagement and encourage purchases.

Ibotta also provides its technology to retailers, publishers and other business partners through the Ibotta Performance Network.