Ibotta, Inc. (NYSE:IBTA) Receives Consensus Rating of "Hold" from Analysts
Ibotta, Inc. (NYSE:IBTA) has received a consensus rating of "Hold" from nine brokerages, with one sell, seven hold, and one buy recommendation. The average 1-year price target is $34.71. Recent analyst ratings include a downgrade from Evercore ISI and UBS Group, with target prices reduced significantly. Insider trading saw significant share sales, and institutional investors have increased their stakes. Ibotta's stock opened at $25.46, with a market cap of $643.12 million. The company has approved a $100 million stock buyback program, indicating confidence in its valuation.
Shares of Ibotta, Inc. (NYSE:IBTA - Get Free Report) have been given an average recommendation of "Hold" by the nine brokerages that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $34.7143.
- Ibotta Stock: Why the Buyback Looks Like a Bullish Bet
Several equities research analysts have commented on the stock. Evercore ISI restated an "in-line" rating and set a $38.00 target price (down from $65.00) on shares of Ibotta in a research report on Thursday, August 14th. Citizens Jmp lowered shares of Ibotta from an "outperform" rating to a "market perform" rating in a research report on Thursday, August 14th. UBS Group decreased their target price on shares of Ibotta from $55.00 to $30.00 and set a "neutral" rating on the stock in a research report on Thursday, August 14th. Wells Fargo & Company restated an "equal weight" rating and set a $30.00 target price (down from $60.00) on shares of Ibotta in a research report on Thursday, August 14th. Finally, The Goldman Sachs Group lowered shares of Ibotta from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $58.00 to $30.00 in a research report on Thursday, August 14th.
View Our Latest Stock Report on IBTA
Insider Activity
In related news, CMO Richard I. Donahue sold 85,289 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the sale, the chief marketing officer directly owned 199,773 shares in the company, valued at $8,608,218.57. The trade was a 29.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the completion of the sale, the insider owned 3,841,308 shares in the company, valued at $134,445,780. This represents a 29.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,186,852 shares of company stock worth $78,381,281 over the last quarter. Insiders own 16.08% of the company's stock.
Institutional Investors Weigh In On Ibotta
Several institutional investors and hedge funds have recently made changes to their positions in IBTA. GAMMA Investing LLC boosted its position in shares of Ibotta by 2,859.7% in the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after buying an additional 1,916 shares in the last quarter. Rhumbline Advisers raised its stake in Ibotta by 6.6% in the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock valued at $853,000 after purchasing an additional 1,252 shares during the last quarter. AMI Asset Management Corp acquired a new position in Ibotta in the 1st quarter valued at about $488,000. Sumitomo Mitsui Trust Group Inc. raised its stake in Ibotta by 67.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock valued at $44,047,000 after purchasing an additional 419,516 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in Ibotta by 58.1% in the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock valued at $207,000 after purchasing an additional 1,800 shares during the last quarter.
Ibotta Stock Performance
Shares of NYSE IBTA opened at $25.46 on Wednesday. The firm has a market capitalization of $643.12 million, a P/E ratio of 8.84, a PEG ratio of 3.72 and a beta of -1.27. Ibotta has a one year low of $22.50 and a one year high of $79.80. The company's fifty day moving average is $34.85 and its two-hundred day moving average is $46.34.
Ibotta announced that its Board of Directors has approved a stock repurchase program on Monday, June 9th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 8.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.
Ibotta Company Profile
(Get Free Report)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.
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