The Goldman Sachs Group Has Lowered Expectations for Ibotta (NYSE:IBTA) Stock Price

Ibotta (NYSE:IBTA) had its price objective cut by investment analysts at The Goldman Sachs Group from $32.00 to $28.00 in a research note issued on Wednesday, MarketBeat.com reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s target price points to a potential downside of 16.09% from the stock’s current price.

A number of other research analysts have also recently weighed in on IBTA. Wells Fargo & Company raised their price target on Ibotta from $34.00 to $38.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of Ibotta from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Zacks Research raised shares of Ibotta from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Needham & Company LLC upped their target price on Ibotta from $33.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Evercore set a $40.00 target price on Ibotta in a report on Thursday, May 7th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $33.83.

Ibotta Price Performance

Shares of NYSE:IBTA opened at $33.37 on Wednesday. The firm has a market capitalization of $674.07 million, a price-to-earnings ratio of -98.15 and a beta of -0.59. The business’s 50 day simple moving average is $33.22 and its 200-day simple moving average is $28.04. Ibotta has a 12 month low of $19.10 and a 12 month high of $41.14.

Ibotta (NYSE:IBTA) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.45. The firm 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%.The business’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.02 earnings per share. On average, equities analysts anticipate that Ibotta will post 0.24 earnings per share for the current year.

Ibotta declared that its board has initiated a share buyback plan on Wednesday, March 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 21.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Ibotta

In other news, CTO Luke Roy Swanson sold 5,940 shares of Ibotta stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $35.14, for a total transaction of $208,731.60. Following the completion of the sale, the chief technology officer directly owned 489,904 shares in the company, valued at $17,215,226.56. The trade was a 1.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas D. Lehrman sold 19,788 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $32.11, for a total transaction of $635,392.68. Following the completion of the transaction, the director directly owned 32,981 shares of the company’s stock, valued at approximately $1,059,019.91. This represents a 37.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 113,641 shares of company stock valued at $3,627,987. Insiders own 20.92% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IBTA. Essential Partners LLC boosted 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 worth $25,000 after purchasing an additional 816 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Ibotta in the first quarter valued at $39,000. New York State Teachers Retirement System acquired a new position in Ibotta in the first quarter valued at $39,000. Caitong International Asset Management Co. Ltd lifted its position in Ibotta by 187.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock worth $41,000 after buying an additional 1,185 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in Ibotta by 47,920.0% during the fourth quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company’s stock worth $55,000 after buying an additional 2,396 shares during the period.

About Ibotta

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.