Ibotta, Inc. (NYSE:IBTA) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Ibotta, Inc. (NYSE:IBTA) have earned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $61.60.

IBTA has been the subject of a number of research analyst reports. UBS Group upped their price target on shares of Ibotta from $42.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, May 15th. JMP Securities reaffirmed a “market outperform” rating and issued a $58.00 price target on shares of Ibotta in a research note on Thursday, May 15th. Needham & Company LLC upped their price target on shares of Ibotta from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. The Goldman Sachs Group upped their price target on shares of Ibotta from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Finally, Evercore ISI reiterated an “outperform” rating on shares of Ibotta in a report on Thursday, May 15th.

Institutional Trading of Ibotta

A number of hedge funds and other institutional investors have recently made changes to their positions in IBTA. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Ibotta during the first quarter valued at approximately $25,000. Jones Financial Companies Lllp acquired a new stake in shares of Ibotta during the first quarter valued at approximately $161,000. New York State Common Retirement Fund raised its holdings in shares of Ibotta by 58.1% during the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock valued at $207,000 after acquiring an additional 1,800 shares during the period. Federated Hermes Inc. raised its holdings in shares of Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company’s stock valued at $284,000 after acquiring an additional 6,055 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Ibotta by 53.6% during the first quarter. Invesco Ltd. now owns 7,962 shares of the company’s stock valued at $336,000 after acquiring an additional 2,780 shares during the period.

Ibotta Trading Down 4.0%

Shares of NYSE:IBTA opened at $50.96 on Monday. The company has a 50 day moving average of $47.11 and a 200-day moving average of $59.42. The firm has a market cap of $1.58 billion and a P/E ratio of 34.43. Ibotta has a twelve month low of $31.40 and a twelve month high of $108.65.

Ibotta (NYSE:IBTA) last issued its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $84.57 million during the quarter, compared to analyst estimates of $81.70 million. The company’s revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.33 earnings per share.

Ibotta announced that its board has approved a share repurchase program on Wednesday, March 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Ibotta Company Profile

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.