Ibotta (NYSE:IBTA) Price Target Raised to $40.00

Ibotta (NYSE:IBTA) had its price objective increased by Wells Fargo & Company from $38.00 to $40.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities research analysts also recently issued reports about the company. Zacks Research upgraded Ibotta from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Evercore set a $40.00 price objective on Ibotta in a report on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $45.00 target price on shares of Ibotta in a research note on Tuesday. The Goldman Sachs Group increased their target price on Ibotta from $28.00 to $32.00 and gave the stock a “sell” rating in a research note on Tuesday. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $36.50.

Ibotta Trading Up 1.3%

IBTA stock opened at $35.77 on Tuesday. The stock has a market cap of $722.55 million, a PE ratio of -76.10 and a beta of -0.44. Ibotta has a 12 month low of $19.10 and a 12 month high of $40.49. The company has a 50-day moving average price of $31.47 and a 200 day moving average price of $29.18.

Ibotta (NYSE:IBTA) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.45. Ibotta had a negative net margin of 3.21% and a negative return on equity of 4.74%. The company had revenue of $82.48 million for the quarter. During the same period last year, the company earned $0.02 earnings per share. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. Sell-side analysts forecast that Ibotta will post 0.24 EPS for the current year.

Insider Activity

In related news, Director Thomas D. Lehrman sold 19,788 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $32.11, for a total value of $635,392.68. Following the completion of the sale, the director owned 32,981 shares in the company, valued at approximately $1,059,019.91. The trade was a 37.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.15, for a total value of $15,075,000.00. Following the completion of the transaction, the insider directly owned 3,341,308 shares in the company, valued at approximately $100,740,436.20. This trade represents a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 619,581 shares of company stock valued at $18,848,339. Corporate insiders own 20.92% of the company’s stock.

Hedge Funds Weigh In On Ibotta

Several institutional investors have recently made changes to their positions in IBTA. Deutsche Bank AG raised its holdings in shares of Ibotta by 3,449.8% in the 4th quarter. Deutsche Bank AG now owns 369,890 shares of the company’s stock valued at $8,408,000 after purchasing an additional 359,470 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Ibotta by 17.3% during the third quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company’s stock valued at $43,749,000 after purchasing an additional 232,027 shares in the last quarter. Marshall Wace LLP purchased a new position in Ibotta during the second quarter valued at approximately $8,397,000. Hsbc Holdings PLC increased its holdings in Ibotta by 29.4% during the fourth quarter. Hsbc Holdings PLC now owns 993,977 shares of the company’s stock valued at $22,210,000 after buying an additional 226,021 shares during the period. Finally, Jane Street Group LLC raised its stake in Ibotta by 933.0% in the fourth quarter. Jane Street Group LLC now owns 224,529 shares of the company’s stock worth $5,104,000 after buying an additional 202,793 shares in 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.