Ibotta (NYSE:IBTA) Price Target Raised to $40.00 at Wells Fargo & Company

Ibotta (NYSE:IBTA) had its price objective boosted by equities researchers at Wells Fargo & Company from $38.00 to $40.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 29.07% from the stock’s previous close.

Several other equities analysts also recently commented on IBTA. Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Evercore set a $40.00 price target on Ibotta in a research note on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Ibotta in a report on Tuesday. Weiss Ratings reiterated a “sell (d)” rating on shares of Ibotta in a research report on Wednesday, June 24th. Finally, Zacks Research raised Ibotta from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $34.83.

Ibotta Stock Performance

NYSE IBTA opened at $30.99 on Tuesday. The stock has a market cap of $626.00 million, a price-to-earnings ratio of -91.15 and a beta of -0.43. The business has a 50 day simple moving average of $31.34 and a 200 day simple moving average of $28.90. Ibotta has a 52-week low of $19.10 and a 52-week high of $40.49.

Ibotta (NYSE:IBTA) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of ($0.21) by $0.45. Ibotta had a negative net margin of 2.15% and a negative return on equity of 2.39%. The business had revenue of $82.48 million for the quarter. During the same period in the prior year, the firm posted $0.02 earnings per share. The company’s revenue was down 2.5% compared to the same quarter last year. On average, analysts predict that Ibotta will post 0.24 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $30.15, for a total value of $15,075,000.00. Following the completion of the transaction, the insider owned 3,341,308 shares in the company, valued at $100,740,436.20. This trade represents a 13.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Luke Roy Swanson sold 5,940 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $35.14, for a total value of $208,731.60. Following the transaction, the chief technology officer owned 489,904 shares of the company’s stock, valued at $17,215,226.56. This trade represents a 1.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 613,641 shares of company stock valued at $18,702,987 in the last 90 days. Corporate insiders own 20.92% of the company’s stock.

Institutional Trading of Ibotta

Several large investors have recently made changes to their positions in IBTA. Deutsche Bank AG grew its stake in Ibotta by 3,449.8% in the fourth quarter. Deutsche Bank AG now owns 369,890 shares of the company’s stock valued at $8,408,000 after acquiring an additional 359,470 shares during the period. Vanguard Group Inc. raised its position in shares of Ibotta by 17.3% during the third quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company’s stock worth $43,749,000 after purchasing an additional 232,027 shares during the period. Marshall Wace LLP bought a new position in shares of Ibotta in the 2nd quarter worth $8,397,000. Hsbc Holdings PLC grew its position in Ibotta by 29.4% in the 4th quarter. Hsbc Holdings PLC now owns 993,977 shares of the company’s stock valued at $22,210,000 after purchasing an additional 226,021 shares during the period. Finally, Jane Street Group LLC grew its position in Ibotta by 933.0% in the 4th quarter. Jane Street Group LLC now owns 224,529 shares of the company’s stock valued at $5,104,000 after purchasing an additional 202,793 shares during the period.

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.