Ibotta, Inc. (NYSE:IBTA – Get Free Report)’s share price shot up 5.7% during mid-day trading on Friday . The company traded as high as $31.84 and last traded at $31.57. 37,935 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 287,391 shares. The stock had previously closed at $29.86.
Analysts Set New Price Targets
A number of research firms recently issued reports on IBTA. Evercore set a $40.00 price target on shares of Ibotta in a research note on Thursday, May 7th. Zacks Research cut shares of Ibotta from a “hold” rating to a “strong sell” rating in a research note on Friday, May 8th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research note on Friday, March 27th. Wall Street Zen raised shares of Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Needham & Company LLC lifted their price target on shares of Ibotta from $33.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $33.00.
Get Our Latest Research Report on Ibotta
Ibotta Trading Up 3.7%
Ibotta (NYSE:IBTA – Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.45. The company had revenue of $82.48 million for the quarter. Ibotta had a negative return on equity of 2.39% and a negative net margin of 2.15%.The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.02 EPS. Equities analysts expect that Ibotta, Inc. will post -0.62 EPS for the current year.
Ibotta declared that its Board of Directors has authorized a share repurchase plan on Wednesday, March 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 21.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Insider Buying and Selling at Ibotta
In other news, insider Marisa Daspit sold 2,956 shares of Ibotta stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $24.06, for a total transaction of $71,121.36. Following the transaction, the insider owned 127,597 shares in the company, valued at $3,069,983.82. The trade was a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas D. Lehrman sold 10,992 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $32.91, for a total transaction of $361,746.72. Following the completion of the sale, the director owned 60,289 shares in the company, valued at approximately $1,984,110.99. This trade represents a 15.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 28,810 shares of company stock worth $931,480. Insiders own 20.92% of the company’s stock.
Hedge Funds Weigh In On Ibotta
Several institutional investors have recently bought and sold shares of IBTA. Meeder Asset Management Inc. purchased a new position in Ibotta in the first quarter worth approximately $39,000. New York State Teachers Retirement System purchased a new position in Ibotta in the first quarter worth approximately $39,000. CWM LLC lifted its stake in Ibotta by 50.8% in the third quarter. CWM LLC now owns 1,422 shares of the company’s stock worth $40,000 after acquiring an additional 479 shares during the last quarter. Quantbot Technologies LP purchased a new position in Ibotta in the second quarter worth approximately $66,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Ibotta by 187.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock worth $41,000 after acquiring an additional 1,185 shares during the last quarter.
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.
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