Ibotta, Inc. (NYSE:IBTA) Receives Average Rating of “Hold” from Analysts

Shares of Ibotta, Inc. (NYSE:IBTA) have been assigned an average rating of “Hold” from the nine ratings firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $34.7143.

Several equities research analysts have recently issued reports on IBTA shares. Bank of America reaffirmed an “underperform” rating and issued a $24.00 target price (down from $57.00) on shares of Ibotta in a report on Thursday, August 14th. Wells Fargo & Company reissued an “equal weight” rating and set a $30.00 price objective (down from $60.00) on shares of Ibotta in a research note on Thursday, August 14th. UBS Group reduced their price objective on Ibotta from $55.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, August 14th. Citizens Jmp cut Ibotta from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 14th. Finally, JMP Securities reissued a “market perform” rating on shares of Ibotta in a research note on Thursday, August 14th.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of IBTA. JPMorgan Chase & Co. boosted its position in shares of Ibotta by 481.8% during the second 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 period. ARK Investment Management LLC boosted its position in shares of Ibotta by 299.8% during the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company’s stock valued at $29,722,000 after buying an additional 528,147 shares during the period. Southpoint Capital Advisors LP boosted its position in shares of Ibotta by 48.2% during the first quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company’s stock valued at $64,840,000 after buying an additional 499,556 shares during the period. Nikko Asset Management Americas Inc. boosted its position in shares of Ibotta by 68.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company’s stock valued at $44,458,000 after buying an additional 429,516 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Ibotta by 67.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company’s stock valued at $44,047,000 after buying an additional 419,516 shares during the period.

Ibotta Trading Up 0.4%

Shares of IBTA stock opened at $27.15 on Friday. Ibotta has a 12-month low of $22.50 and a 12-month high of $79.80. The stock’s 50-day moving average price is $30.04 and its 200-day moving average price is $39.38. The stock has a market capitalization of $685.81 million, a price-to-earnings ratio of 9.43, a price-to-earnings-growth ratio of 21.72 and a beta of -1.31.

Ibotta announced that its Board of Directors has authorized a stock buyback 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 shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.