Ibotta (NYSE:IBTA) Upgraded by Zacks Research to Hold Rating

Ibotta (NYSE:IBTA) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts have also recently commented on the stock. Evercore set a $40.00 target price on shares of Ibotta in a research report on Thursday, May 7th. Wells Fargo & Company boosted their price target on shares of Ibotta from $34.00 to $38.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research note on Friday, March 27th. Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Needham & Company LLC upped their target price on Ibotta from $33.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $33.00.

Ibotta Stock Performance

Shares of IBTA stock opened at $33.27 on Monday. Ibotta has a fifty-two week low of $19.10 and a fifty-two week high of $49.99. The firm has a market cap of $672.05 million, a P/E ratio of -97.85 and a beta of -0.59. The business’s 50 day moving average price is $33.51 and its 200-day moving average price is $26.67.

Ibotta (NYSE:IBTA) last announced its earnings results on Wednesday, May 6th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.45. The company had revenue of $82.48 million during the quarter. Ibotta had a negative return on equity of 2.39% and a negative net margin of 2.15%.Ibotta’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.02 EPS. As a group, equities analysts predict that Ibotta will post 0.24 EPS for the current year.

Ibotta declared that its Board of Directors has initiated a stock buyback program on Wednesday, March 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 21.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Ibotta

In other Ibotta news, CTO Luke Roy Swanson sold 5,940 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $32.98, for a total transaction of $195,901.20. Following the completion of the transaction, the chief technology officer owned 495,844 shares of the company’s stock, valued at approximately $16,352,935.12. This trade represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas D. Lehrman sold 30,119 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $30.78, for a total value of $927,062.82. Following the completion of the sale, the director directly owned 40,744 shares in the company, valued at approximately $1,254,100.32. This represents a 42.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 107,701 shares of company stock valued at $3,419,255. 20.92% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ibotta

Several hedge funds have recently added to or reduced their stakes in IBTA. Essential Partners LLC increased its holdings in shares of Ibotta by 40,800.0% during the first quarter. Essential Partners LLC now owns 818 shares of the company’s stock valued at $25,000 after acquiring an additional 816 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Ibotta during the 1st quarter valued at about $39,000. New York State Teachers Retirement System purchased a new position in Ibotta in the first quarter worth about $39,000. Quantbot Technologies LP bought a new position in shares of Ibotta in the second quarter worth approximately $66,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Ibotta by 187.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock valued at $41,000 after buying an additional 1,185 shares during 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.