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

Ibotta (NYSE:IBTA) had its price target cut by The Goldman Sachs Group from $56.00 to $50.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Ibotta Stock Up 0.5 %

Shares of NYSE:IBTA opened at $46.26 on Monday. The business has a fifty day simple moving average of $49.74. Ibotta has a 52 week low of $31.40 and a 52 week high of $117.59. The stock has a market cap of $1.29 billion and a PE ratio of 25.84.

Ibotta announced that its Board of Directors has authorized a stock buyback program on Wednesday, March 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.3% 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.

Institutional Investors Weigh In On Ibotta

An institutional investor recently raised its position in Ibotta stock. Rhumbline Advisers boosted its stake in shares of Ibotta, Inc. (NYSE:IBTA) by 6.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 20,221 shares of the company’s stock after buying an additional 1,252 shares during the period. Rhumbline Advisers owned approximately 0.07% of Ibotta worth $853,000 at the end of the most recent quarter.

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.