Ibotta (NYSE:IBTA) Upgraded at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Ibotta (NYSE:IBTA) from a sell rating to a neutral rating in a report issued on Tuesday morning, Marketbeat Ratings reports. The Goldman Sachs Group currently has $58.00 target price on the stock, up from their prior target price of $35.00.

Several other research firms have also issued reports on IBTA. Wells Fargo & Company upped their price target on shares of Ibotta from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. UBS Group raised their price objective on Ibotta from $30.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d)” rating on shares of Ibotta in a report on Monday, September 21st. Evercore set a $42.00 target price on Ibotta in a research note on Tuesday, August 4th. Finally, Needham & Company LLC increased their target price on Ibotta from $45.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $50.00.

Ibotta Stock Performance

Shares of IBTA opened at $57.88 on Tuesday. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of -86.39 and a beta of -0.46. Ibotta has a fifty-two week low of $19.10 and a fifty-two week high of $66.39. The firm has a 50 day moving average price of $43.81 and a 200-day moving average price of $33.42.

Ibotta (NYSE:IBTA) last released its earnings results on Monday, November 2nd. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.13 by $0.49. The company had revenue of $97.83 million for the quarter. Ibotta had a negative net margin of 4.49% and a negative return on equity of 5.51%. Ibotta’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.56 EPS. As a group, equities research analysts predict that Ibotta will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Ibotta

In related news, Director Thomas Lehrman sold 19,561 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $36.22, for a total transaction of $708,499.42. Following the completion of the sale, the director directly owned 25,312 shares in the company, valued at $916,800.64. This represents a 43.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Luke Swanson sold 30,206 shares of the company’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $62.20, for a total transaction of $1,878,813.20. Following the sale, the chief technology officer owned 186,146 shares of the company’s stock, valued at $11,578,281.20. This represents a 13.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 189,520 shares of company stock worth $8,493,101. 20.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Ibotta

Hedge funds have recently modified their holdings of the company. Essential Partners LLC grew its stake in shares of Ibotta by 40,800.0% in 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. State of Alaska Department of Revenue increased its holdings in Ibotta by 32.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 1,083 shares of the company’s stock valued at $42,000 after purchasing an additional 268 shares during the period. Meeder Asset Management Inc. bought a new position in Ibotta during the 1st quarter valued at approximately $39,000. New York State Teachers Retirement System bought a new position in Ibotta during the 1st quarter valued at approximately $39,000. Finally, Squarepoint Ops LLC purchased a new stake in Ibotta in the 2nd quarter worth approximately $290,000.

Key Stories Impacting Ibotta

Here are the key news stories impacting Ibotta this week:

• Positive Sentiment: Quarterly results beat expectations: Ibotta reported $0.62 in earnings per share, versus analyst estimates of $0.13, while revenue grew 17.4% year over year to $97.83 million. The stock also recently reached a 12-month high following the results. Article: Ibotta rallies on Q3 results
• Positive Sentiment: Needham raised its target and kept a Buy rating: The firm lifted its price target from $45 to $65, signaling further potential upside. Article: Citigroup issues positive forecast for Ibotta
• Neutral Sentiment: Goldman Sachs and Citigroup turned more constructive, but remain Neutral: Goldman raised its rating from Sell to Neutral and its target to $58; Citi set a Neutral rating and a $60 target. Those targets suggest limited upside relative to the stock’s recent trading level. Article: Ibotta raised to Neutral at Goldman Sachs
• Negative Sentiment: Executives disclosed share sales: CTO Luke Swanson sold shares in several transactions, while insider Marisa Daspit sold 720 shares. The trades were made under pre-arranged Rule 10b5-1 plans, which may make them less informative as a signal about near-term prospects, but could add to selling pressure after the rally. Article: Ibotta insider sells shares

Ibotta Company Profile

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.