Ibotta (NYSE:IBTA) Shares Down 4.5% – Time to Sell?

Ibotta, Inc. (NYSE:IBTA)’s stock price fell 4.5% during trading on Friday . The stock traded as low as $57.41 and last traded at $57.51. 90,742 shares were traded during mid-day trading, a decline of 80% from the average session volume of 444,455 shares. The stock had previously closed at $60.24.

Analysts Set New Price Targets

A number of analysts have recently issued reports on IBTA shares. Needham & Company LLC lifted their target price on Ibotta from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company upped their price target on Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday. The Goldman Sachs Group boosted their target price on shares of Ibotta from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday. UBS Group upped their price target on shares of Ibotta from $42.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, JMP Securities reiterated a “market outperform” rating and issued a $58.00 price objective on shares of Ibotta in a report on Thursday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $61.60.

Ibotta Price Performance

The company’s 50 day moving average is $45.74 and its two-hundred day moving average is $59.68. The firm has a market cap of $1.77 billion and a P/E ratio of 31.84.

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

Ibotta declared that its board has initiated a stock buyback program on Wednesday, March 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IBTA. ARK Investment Management LLC raised its position in Ibotta by 299.8% in the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company’s stock worth $29,722,000 after purchasing an additional 528,147 shares in the last quarter. Southpoint Capital Advisors LP increased its holdings in shares of Ibotta by 48.2% during the first quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company’s stock worth $64,840,000 after buying an additional 499,556 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in shares of Ibotta by 68.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,053,518 shares of the company’s stock worth $44,458,000 after buying an additional 429,516 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Ibotta by 67.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company’s stock worth $44,047,000 after buying an additional 419,516 shares in the last quarter. Finally, Citigroup Inc. increased its holdings in shares of Ibotta by 2,500.8% during the first quarter. Citigroup Inc. now owns 334,460 shares of the company’s stock worth $14,114,000 after buying an additional 321,600 shares in the last quarter.

Ibotta Company Profile

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.