Ibotta (NYSE:IBTA) Stock Price Up 8.4% – Here’s Why

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

Analyst Upgrades and Downgrades

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

Ibotta Price Performance

The business has a 50 day simple moving average of $22.29 and a 200-day simple moving average of $25.17. The stock has a market capitalization of $565.25 million, a price-to-earnings ratio of 242.29 and a beta of -1.22.

Ibotta (NYSE:IBTA) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.30. The business 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%.The company’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.67 EPS.

Ibotta declared that its board has authorized a stock buyback plan on Wednesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 21.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, insider Marisa Daspit sold 2,956 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $24.06, for a total transaction of $71,121.36. Following the sale, the insider directly owned 127,597 shares in the company, 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 SEC, which is available at this hyperlink. 16.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ibotta

Large investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC boosted its position in shares of Ibotta by 108.4% during the second quarter. Hsbc Holdings PLC now owns 96,549 shares of the company’s stock worth $3,533,000 after buying an additional 50,214 shares during the period. Edgestream Partners L.P. bought a new stake in Ibotta in the 2nd quarter valued at approximately $2,711,000. JPMorgan Chase & Co. lifted its stake 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 acquiring an additional 542,313 shares in the last quarter. Citigroup Inc. boosted its position in Ibotta by 90.2% during the 3rd quarter. Citigroup Inc. now owns 641,337 shares of the company’s stock worth $17,861,000 after acquiring an additional 304,183 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Ibotta by 15.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,281,219 shares of the company’s stock worth $35,682,000 after acquiring an additional 168,054 shares in the last quarter.

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.