Ibotta’s (IBTA) In-Line Rating Reiterated at Evercore ISI

Ibotta (NYSE:IBTA)‘s stock had its “in-line” rating reaffirmed by investment analysts at Evercore ISI in a report released on Thursday, Marketbeat reports. They currently have a $38.00 target price on the stock, down from their prior target price of $65.00. Evercore ISI’s price target would suggest a potential upside of 56.70% from the company’s previous close.

Several other research analysts have also issued reports on the stock. Wells Fargo & Company increased their target price on shares of Ibotta from $52.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Citigroup lowered shares of Ibotta from a “buy” rating to a “market perform” rating in a research note on Thursday. JMP Securities reissued a “market outperform” rating and set a $58.00 target price on shares of Ibotta in a research note on Thursday, May 15th. UBS Group increased their target price on shares of Ibotta from $42.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, May 15th. Finally, Needham & Company LLC raised 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, May 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Ibotta has a consensus rating of “Hold” and a consensus target price of $34.71.

Ibotta Stock Up 2.7%

Shares of NYSE IBTA opened at $24.25 on Thursday. The firm has a market cap of $612.56 million, a PE ratio of 8.42, a P/E/G ratio of 1.97 and a beta of -1.27. Ibotta has a 12-month low of $22.50 and a 12-month high of $79.80. The company’s fifty day simple moving average is $37.18 and its 200 day simple moving average is $48.74.

Ibotta (NYSE:IBTA) last issued its 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 for the quarter, compared to analyst estimates of $81.70 million. Ibotta had a net margin of 26.24% and a return on equity of 24.26%. Ibotta’s revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.33 earnings per share.

Ibotta declared that its Board of Directors has initiated a share repurchase plan on Monday, June 9th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 8.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Ibotta

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the firm’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the transaction, the insider directly owned 3,841,308 shares of the company’s stock, valued at $134,445,780. This trade represents a 29.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Richard I. Donahue sold 85,289 shares of the firm’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $43.09, for a total transaction of $3,675,103.01. Following the transaction, the chief marketing officer directly owned 199,773 shares in the company, valued at $8,608,218.57. The trade was a 29.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,192,224 shares of company stock valued at $78,652,577 over the last quarter. Corporate insiders own 16.08% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Ibotta in the first quarter worth about $25,000. CWM LLC raised its position in Ibotta by 225.2% in the second quarter. CWM LLC now owns 943 shares of the company’s stock worth $35,000 after acquiring an additional 653 shares during the period. Private Wealth Asset Management LLC bought a new stake in Ibotta in the second quarter worth about $37,000. Quantbot Technologies LP bought a new stake in Ibotta in the second quarter worth about $66,000. Finally, GAMMA Investing LLC raised its position in Ibotta by 2,859.7% in the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company’s stock worth $840,000 after acquiring an additional 1,916 shares during the period.

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.