Ibotta (NYSE:IBTA) Stock Price Up 8.4% – Time to Buy?

Ibotta, Inc. (NYSE:IBTA)’s stock price traded up 8.4% during mid-day trading on Tuesday . The stock traded as high as $26.89 and last traded at $26.77. 46,681 shares changed hands during trading, a decline of 86% from the average session volume of 329,104 shares. The stock had previously closed at $24.69.

Analyst Ratings Changes

A number of equities research analysts have issued reports on IBTA shares. Wells Fargo & Company increased their price objective on shares of Ibotta from $30.00 to $34.00 and gave the company an “equal weight” rating in a report on Thursday, February 26th. Wall Street Zen cut shares of Ibotta from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $33.14.

Ibotta Trading Up 2.4%

The business has a 50-day moving average price of $22.43 and a 200 day moving average price of $25.17. The stock has a market capitalization of $560.37 million, a P/E ratio of 240.20 and a beta of -1.20.

Ibotta (NYSE:IBTA) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.30. Ibotta had a net margin of 1.04% and a return on equity of 1.04%. The business had revenue of $88.53 million during the quarter. During the same quarter last year, the business earned $0.67 EPS. Ibotta’s revenue for the quarter was down 10.0% compared to the same quarter last year.

Ibotta announced that its Board of Directors has authorized a stock buyback program on Wednesday, March 11th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 21.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, insider Marisa Daspit sold 2,956 shares of Ibotta stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $24.06, for a total value of $71,121.36. Following the completion of the transaction, the insider owned 127,597 shares in the company, valued at approximately $3,069,983.82. The trade was a 2.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.08% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in shares of Ibotta by 481.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 654,876 shares of the company’s stock worth $23,968,000 after acquiring an additional 542,313 shares during the last quarter. Deutsche Bank AG raised its position in Ibotta by 3,449.8% in the 4th quarter. Deutsche Bank AG now owns 369,890 shares of the company’s stock worth $8,408,000 after purchasing an additional 359,470 shares during the period. Citigroup Inc. raised its position in Ibotta by 90.2% in the 3rd quarter. Citigroup Inc. now owns 641,337 shares of the company’s stock worth $17,861,000 after purchasing an additional 304,183 shares during the period. ARK Investment Management LLC lifted its stake in Ibotta by 39.3% in the third quarter. ARK Investment Management LLC now owns 907,386 shares of the company’s stock worth $25,271,000 after purchasing an additional 255,899 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Ibotta by 17.3% during the third quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company’s stock valued at $43,749,000 after buying an additional 232,027 shares during the period.

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.