Ibotta (NYSE:IBTA) to Buyback $100.00 million in Outstanding Shares

Ibotta (NYSE:IBTA) announced that its Board of Directors has authorized a share repurchase plan on Wednesday, March 11th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 21.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Ibotta Price Performance

Shares of NYSE IBTA traded down $0.33 during mid-day trading on Wednesday, hitting $21.96. The company had a trading volume of 239,809 shares, compared to its average volume of 388,371. The company has a market capitalization of $465.77 million, a PE ratio of 199.65 and a beta of -1.20. The business’s 50-day simple moving average is $22.23 and its 200 day simple moving average is $25.22. Ibotta has a 1-year low of $19.10 and a 1-year high of $62.74.

Ibotta (NYSE:IBTA) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.03). The company had revenue of $88.53 million for the quarter. Ibotta had a return on equity of 1.04% and a net margin of 1.04%.Ibotta’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.67 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group reduced their price target on shares of Ibotta from $26.00 to $23.00 and set a “sell” rating on the stock in a research note on Thursday, November 13th. Evercore dropped their target price on shares of Ibotta from $38.00 to $32.00 and set an “in-line” rating for the company in a report on Thursday, November 13th. Wells Fargo & Company boosted their target price on Ibotta from $30.00 to $34.00 and gave the company an “equal weight” rating in a research report on Thursday, February 26th. Bank of America decreased their price target on Ibotta from $24.00 to $22.00 and set an “underperform” rating on the stock in a research note on Thursday, November 13th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ibotta in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $33.14.

Insiders Place Their Bets

In related news, insider Marisa Daspit sold 2,956 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $24.06, for a total value of $71,121.36. Following the sale, the insider owned 127,597 shares of the company’s stock, valued at $3,069,983.82. This trade represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 16.08% of the stock is currently owned by company insiders.

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.