Ibotta (NYSE:IBTA) Shares Up 7.8% – What’s Next?

Ibotta, Inc. (NYSE:IBTA)’s share price traded up 7.8% during mid-day trading on Tuesday . The stock traded as high as $30.80 and last traded at $30.57. 174,116 shares changed hands during trading, a decline of 60% from the average session volume of 436,158 shares. The stock had previously closed at $28.36.

Analyst Upgrades and Downgrades

IBTA has been the topic of a number of recent research reports. Wells Fargo & Company restated an “equal weight” rating and set a $30.00 price target (down previously from $60.00) on shares of Ibotta in a report on Thursday, August 14th. The Goldman Sachs Group lowered Ibotta from a “neutral” rating to a “sell” rating and cut their target price for the company from $30.00 to $26.00 in a report on Tuesday, October 14th. Evercore ISI reiterated an “in-line” rating and set a $38.00 price target (down previously from $65.00) on shares of Ibotta in a research note on Thursday, August 14th. Citizens Jmp downgraded Ibotta from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 14th. Finally, Citigroup lowered Ibotta from a “buy” rating to a “market perform” rating in a report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Ibotta has a consensus rating of “Reduce” and a consensus price target of $34.14.

Ibotta Stock Up 9.5%

The company has a market capitalization of $784.32 million, a price-to-earnings ratio of 10.78 and a beta of -1.13. The business has a fifty day simple moving average of $29.43 and a two-hundred day simple moving average of $36.53.

Ibotta (NYSE:IBTA) last posted its earnings results on Thursday, May 30th. The company reported ($0.10) earnings per share for the quarter. The firm had revenue of $56.52 million during the quarter. Ibotta had a return on equity of 24.26% and a net margin of 26.24%.

Institutional Investors Weigh In On Ibotta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in Ibotta by 481.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 654,876 shares of the company’s stock valued at $23,968,000 after buying an additional 542,313 shares during the last quarter. ARK Investment Management LLC boosted its stake in Ibotta by 299.8% in the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company’s stock valued at $29,722,000 after acquiring an additional 528,147 shares during the last quarter. Southpoint Capital Advisors LP boosted its holdings in Ibotta by 48.2% during the first quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company’s stock worth $64,840,000 after buying an additional 499,556 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its stake in Ibotta by 68.8% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company’s stock worth $44,458,000 after acquiring an additional 429,516 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in shares of Ibotta by 2,500.8% in the 1st quarter. Citigroup Inc. now owns 334,460 shares of the company’s stock valued at $14,114,000 after buying an additional 321,600 shares during the period.

About Ibotta

Ibotta’s mission is to Make Every Purchase Rewarding. Our technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network (IPN). We are pioneers in success-based marketing: we only get paid when our client’s promotion results in a sale, not when a consumer merely views or clicks on the promotion.