Wells Fargo & Company Increases Ibotta (NYSE:IBTA) Price Target to $34.00

Ibotta (NYSE:IBTA) had its price target upped by Wells Fargo & Company from $30.00 to $34.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 19.89% from the company’s current price.

A number of other research firms have also commented on IBTA. The Goldman Sachs Group cut their price objective on Ibotta from $26.00 to $23.00 and set a “sell” rating on the stock in a research note on Thursday, November 13th. Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a research report on Monday, December 29th. Evercore reduced their price objective on shares of Ibotta from $38.00 to $32.00 and set an “in-line” rating on the stock in a research note on Thursday, November 13th. Finally, Bank of America lowered their target price on shares of Ibotta from $24.00 to $22.00 and set an “underperform” rating for the company in a research note on Thursday, November 13th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $33.14.

Ibotta Stock Performance

Shares of NYSE:IBTA traded up $7.86 during mid-day trading on Thursday, reaching $28.36. 784,768 shares of the company’s stock were exchanged, compared to its average volume of 297,018. Ibotta has a twelve month low of $19.10 and a twelve month high of $62.74. The firm has a market capitalization of $664.76 million, a price-to-earnings ratio of 11.72 and a beta of -0.88. The business’s fifty day moving average price is $21.85 and its 200-day moving average price is $25.50.

Ibotta (NYSE:IBTA) last announced its earnings results on Wednesday, February 25th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.03). The company had revenue of $88.53 million for the quarter. Ibotta had a return on equity of 20.94% and a net margin of 22.92%.The firm’s revenue was down 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.67 earnings per share.

Institutional Investors Weigh In On Ibotta

A number of hedge funds have recently added to or reduced their stakes in IBTA. Hsbc Holdings PLC boosted its stake in Ibotta by 108.4% during the 2nd quarter. Hsbc Holdings PLC now owns 96,549 shares of the company’s stock valued at $3,533,000 after purchasing an additional 50,214 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Ibotta in the second quarter valued at approximately $2,711,000. JPMorgan Chase & Co. boosted its position in shares of Ibotta by 481.8% during the second quarter. JPMorgan Chase & Co. now owns 654,876 shares of the company’s stock valued at $23,968,000 after buying an additional 542,313 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Ibotta by 15.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,281,219 shares of the company’s stock worth $35,682,000 after buying an additional 168,054 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. raised its position in Ibotta by 5.1% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 1,107,338 shares of the company’s stock valued at $40,529,000 after buying an additional 53,820 shares during the last quarter.

Ibotta Company Profile

Ibotta (NYSE: IBTA) is a Denver‐based mobile commerce platform that connects consumers, retailers and brands through a unified cash-back rewards experience. Users access the Ibotta mobile app or browser extension to unlock rebates on everyday purchases, redeemable on groceries, retail goods, travel bookings and digital services. The platform integrates with major supermarket chains, big‐box retailers and online merchants, enabling shoppers to earn automatic cash-back both in physical stores and across e-commerce channels.

Founded in 2012 by co‐founder and CEO Bryan Leach, Ibotta has evolved from a simple rebate app into a comprehensive performance marketing partner for consumer goods companies.