Wells Fargo & Company Forecasts Strong Price Appreciation for Ibotta (NYSE:IBTA) Stock

Ibotta (NYSE:IBTA) had its price target upped by Wells Fargo & Company from $52.00 to $60.00 in a report released on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities analysts also recently issued reports on the stock. Needham & Company LLC upped their price objective on shares of Ibotta from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group decreased their target price on shares of Ibotta from $56.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.60.

Ibotta Price Performance

NYSE IBTA opened at $57.00 on Thursday. Ibotta has a 1 year low of $31.40 and a 1 year high of $108.65. The company has a market capitalization of $1.77 billion and a PE ratio of 31.84. The company has a fifty day moving average of $45.74 and a two-hundred day moving average of $59.68.

Ibotta (NYSE:IBTA) last released its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $84.57 million during the quarter, compared to analyst estimates of $81.70 million. During the same quarter in the prior year, the company earned $0.33 EPS. The business’s revenue was up 2.8% on a year-over-year basis.

Ibotta announced that its Board of Directors has authorized a stock repurchase program on Wednesday, March 12th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Ibotta

Hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. boosted its stake in shares of Ibotta by 883.9% during the first quarter. Federated Hermes Inc. now owns 6,740 shares of the company’s stock worth $284,000 after buying an additional 6,055 shares during the period. XTX Topco Ltd boosted its holdings in Ibotta by 237.9% in the 1st quarter. XTX Topco Ltd now owns 24,068 shares of the company’s stock valued at $1,016,000 after purchasing an additional 16,945 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in Ibotta in the 1st quarter valued at approximately $1,465,000. Meeder Asset Management Inc. purchased a new stake in Ibotta in the 1st quarter valued at approximately $388,000. Finally, Pacer Advisors Inc. purchased a new stake in Ibotta in the 1st quarter valued at approximately $3,539,000.

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.