Ibotta (NYSE:IBTA) Rating Increased to Hold at Wall Street Zen

Ibotta (NYSE:IBTA) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other analysts have also weighed in on IBTA. Needham & Company LLC decreased their target price on shares of Ibotta from $70.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, August 14th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $30.00 target price (down previously from $60.00) on shares of Ibotta in a report on Thursday, August 14th. Citigroup lowered shares of Ibotta from a “buy” rating to a “market perform” rating in a report on Thursday, August 14th. Evercore ISI reaffirmed an “in-line” rating and set a $38.00 target price (down previously from $65.00) on shares of Ibotta in a report on Thursday, August 14th. Finally, UBS Group decreased their target price on shares of Ibotta from $55.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, August 14th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $34.71.

Ibotta Trading Down 2.5%

Ibotta stock opened at $26.60 on Friday. The firm’s 50 day simple moving average is $32.08 and its 200 day simple moving average is $41.74. The firm has a market capitalization of $671.92 million, a PE ratio of 9.24, a price-to-earnings-growth ratio of 21.82 and a beta of -1.31. Ibotta has a 1-year low of $22.50 and a 1-year high of $79.80.

Ibotta declared that its board has approved a share buyback program on Monday, June 9th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 8.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the business’s stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $35.00, for a total value of $55,247,570.00. Following the completion of the transaction, the insider owned 3,841,308 shares of the company’s stock, valued at $134,445,780. The trade was a 29.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 2,027,380 shares of company stock valued at $71,064,528. 16.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Ibotta

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in shares of Ibotta by 2,859.7% in the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company’s stock valued at $840,000 after purchasing an additional 1,916 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Ibotta by 6.6% in the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock valued at $853,000 after purchasing an additional 1,252 shares in the last quarter. AMI Asset Management Corp purchased a new stake in shares of Ibotta in the 1st quarter valued at $488,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Ibotta by 67.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company’s stock valued at $44,047,000 after purchasing an additional 419,516 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its stake in shares of Ibotta by 58.1% in the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock valued at $207,000 after purchasing an additional 1,800 shares in the last 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.