Ibotta (NYSE:IBTA – Get Free Report) had its price objective reduced by stock analysts at The Goldman Sachs Group from $32.00 to $28.00 in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential downside of 16.09% from the stock’s current price.
Several other research firms have also recently weighed in on IBTA. Wall Street Zen upgraded Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a report on Wednesday, June 24th. Needham & Company LLC boosted their price objective on shares of Ibotta from $33.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wells Fargo & Company upped their target price on shares of Ibotta from $34.00 to $38.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Finally, Evercore set a $40.00 target price on shares of Ibotta in a research report on Thursday, May 7th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $33.83.
Get Our Latest Stock Report on Ibotta
Ibotta Trading Up 1.1%
Ibotta (NYSE:IBTA – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.45. The company 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 firm’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the firm earned $0.02 earnings per share. As a group, sell-side analysts forecast that Ibotta will post 0.24 earnings per share for the current fiscal year.
Ibotta announced that its Board of Directors has authorized a share buyback plan on Wednesday, March 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 21.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
Insider Buying and Selling
In other news, Director Thomas D. Lehrman sold 30,119 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $30.78, for a total transaction of $927,062.82. Following the completion of the sale, the director owned 40,744 shares in the company, valued at $1,254,100.32. This represents a 42.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 approximately $17,215,226.56. The trade was a 1.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 113,641 shares of company stock worth $3,627,987. Insiders own 20.92% of the company’s stock.
Institutional Investors Weigh In On Ibotta
A number of hedge funds have recently added to or reduced their stakes in the company. Essential Partners LLC increased its position in Ibotta by 40,800.0% during the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock worth $25,000 after purchasing an additional 816 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Ibotta in the 1st quarter valued at approximately $39,000. New York State Teachers Retirement System purchased a new stake in shares of Ibotta in the first quarter valued at approximately $39,000. Quantbot Technologies LP acquired a new position in Ibotta during the second quarter worth $66,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings 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 valued at $41,000 after acquiring an additional 1,185 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.
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