Ibotta (NYSE:IBTA) Hits New 1-Year High – Time to Buy?

Ibotta, Inc. (NYSE:IBTA) shares reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $45.30 and last traded at $44.77, with a volume of 525,134 shares changing hands. The stock had previously closed at $43.28.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IBTA. UBS Group raised their target price on Ibotta from $30.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. The Goldman Sachs Group increased their price target on shares of Ibotta from $28.00 to $32.00 and gave the company a “sell” rating in a report on Tuesday, August 4th. Evercore set a $42.00 price target on Ibotta in a research note on Tuesday, August 4th. Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a research note on Monday, September 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 price target on shares of Ibotta in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $36.50.

Ibotta Trading Down 2.6%

The business has a fifty day simple moving average of $39.94 and a 200 day simple moving average of $35.07.

Insider Activity at Ibotta

In related news, Director Thomas D. Lehrman sold 14,347 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $37.28, for a total transaction of $534,856.16. Following the transaction, the director directly owned 16,490 shares of the company’s stock, valued at approximately $614,747.20. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Marisa Daspit sold 2,956 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $37.46, for a total transaction of $110,731.76. Following the completion of the transaction, the insider directly owned 117,251 shares of the company’s stock, valued at approximately $4,392,222.46. The trade was a 2.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 116,068 shares of company stock worth $4,271,876. Company insiders own 20.92% of the company’s stock.

Institutional Investors Weigh In On Ibotta

A number of hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC lifted its stake in shares of Ibotta by 1.5% in the 1st quarter. Hsbc Holdings PLC now owns 1,009,287 shares of the company’s stock valued at $30,581,000 after acquiring an additional 15,310 shares during the last quarter. Renaissance Technologies LLC raised its stake in Ibotta by 17.7% during the first quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock valued at $7,172,000 after purchasing an additional 35,992 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Ibotta by 17.8% during the first quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock valued at $7,168,000 after buying an additional 36,223 shares during the last quarter. Sei Investments Co. purchased a new stake in shares of Ibotta in the 1st quarter worth $344,000. Finally, Engineers Gate Manager LP purchased a new position in Ibotta in the second quarter worth $328,000.

About Ibotta

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Its services help consumers earn cash back and other incentives by engaging with offers from consumer packaged goods brands and retailers.

The company’s platform is available through the Ibotta mobile application, website, and integrated retail and digital-commerce experiences. Users can browse eligible offers, make qualifying purchases, and receive rewards after submitting proof of purchase or linking eligible loyalty accounts.