Ibotta, Inc. (NYSE:IBTA) Receives $32.57 Average Target Price from Analysts

Shares of Ibotta, Inc. (NYSE:IBTA) have received an average recommendation of “Reduce” from the ten brokerages that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $32.5714.

Several research analysts recently issued reports on IBTA shares. Evercore ISI lowered their target price on Ibotta from $38.00 to $32.00 and set an “in-line” rating for the company in a research report on Thursday, November 13th. The Goldman Sachs Group lowered their price objective on Ibotta from $26.00 to $23.00 and set a “sell” rating for the company in a research report on Thursday, November 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of Ibotta in a report on Monday, December 29th. Finally, Bank of America lowered their price target on shares of Ibotta from $24.00 to $22.00 and set an “underperform” rating for the company in a report on Thursday, November 13th.

Ibotta Price Performance

NYSE:IBTA opened at $20.54 on Friday. Ibotta has a one year low of $20.16 and a one year high of $76.00. The company has a market cap of $481.46 million, a PE ratio of 8.49 and a beta of -0.89. The firm’s 50 day simple moving average is $22.61 and its 200 day simple moving average is $27.76.

Ibotta (NYSE:IBTA) last announced its quarterly earnings results on Wednesday, November 12th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.22. The firm had revenue of $83.26 million during the quarter. Ibotta had a net margin of 22.92% and a return on equity of 20.94%. The company’s revenue was down 15.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 earnings per share.

Hedge Funds Weigh In On Ibotta

Hedge funds and other institutional investors have recently bought and sold shares of the company. Edgestream Partners L.P. acquired a new stake in shares of Ibotta during the 2nd quarter worth approximately $2,711,000. Hsbc Holdings PLC boosted its stake in Ibotta by 108.4% during the second quarter. Hsbc Holdings PLC now owns 96,549 shares of the company’s stock worth $3,533,000 after acquiring an additional 50,214 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Ibotta by 481.8% in the second quarter. JPMorgan Chase & Co. now owns 654,876 shares of the company’s stock worth $23,968,000 after purchasing an additional 542,313 shares during the period. Nikko Asset Management Americas Inc. grew its holdings in Ibotta by 5.1% in the second quarter. Nikko Asset Management Americas Inc. now owns 1,107,338 shares of the company’s stock worth $40,529,000 after purchasing an additional 53,820 shares during the period. Finally, Magnetar Financial LLC bought a new stake in Ibotta in the second quarter valued at $1,423,000.

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.