Ibotta, Inc. (NYSE:IBTA) Receives Average Recommendation of “Reduce” from Brokerages

Shares of Ibotta, Inc. (NYSE:IBTA) have received a consensus rating of “Reduce” from the ten research firms that are presently covering the firm, Marketbeat Ratings reports. Three investment 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 12 month price target among brokers that have updated their coverage on the stock in the last year is $33.00.

IBTA has been the topic of several recent research reports. Wells Fargo & Company boosted their price target on Ibotta from $34.00 to $38.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded Ibotta from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Zacks Research upgraded Ibotta from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Needham & Company LLC boosted their price target on Ibotta from $33.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Evercore set a $40.00 price target on Ibotta in a research report on Thursday, May 7th.

Ibotta Stock Up 1.5%

Shares of IBTA stock opened at $34.47 on Tuesday. The stock has a market capitalization of $696.23 million, a PE ratio of -101.38 and a beta of -0.59. Ibotta has a 52-week low of $19.10 and a 52-week high of $41.14. The stock’s 50-day moving average price is $33.36 and its 200 day moving average price is $27.50.

Ibotta (NYSE:IBTA) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.45. The firm had revenue of $82.48 million for the quarter. Ibotta had a negative return on equity of 2.39% and a negative net margin of 2.15%.The business’s revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 EPS. Analysts expect that Ibotta will post 0.24 earnings per share for the current fiscal year.

Ibotta announced that its Board of Directors has authorized a share buyback plan on Wednesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 21.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Thomas D. Lehrman sold 19,788 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $32.11, for a total transaction of $635,392.68. Following the transaction, the director directly owned 32,981 shares of the company’s stock, valued at $1,059,019.91. This represents a 37.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Luke Roy Swanson sold 5,940 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $32.98, for a total transaction of $195,901.20. Following the transaction, the chief technology officer directly owned 495,844 shares in the company, valued at approximately $16,352,935.12. This trade represents a 1.18% 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. In the last three months, insiders sold 107,701 shares of company stock valued at $3,419,255. 20.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ibotta

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Essential Partners LLC grew its holdings in shares of Ibotta by 40,800.0% in the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock worth $25,000 after acquiring an additional 816 shares during the period. New York State Teachers Retirement System acquired a new stake in shares of Ibotta in the 1st quarter worth approximately $39,000. Meeder Asset Management Inc. acquired a new stake in shares of Ibotta in the 1st quarter worth approximately $39,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Ibotta by 187.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock worth $41,000 after acquiring an additional 1,185 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in shares of Ibotta by 47,920.0% in the 4th quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company’s stock worth $55,000 after acquiring an additional 2,396 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.