Ibotta, Inc. (NYSE:IBTA) Receives Consensus Recommendation of “Reduce” from Analysts

Ibotta, Inc. (NYSE:IBTA) has been given a consensus rating of “Reduce” by the eight brokerages that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $36.50.

A number of equities analysts recently issued reports on IBTA shares. Evercore set a $42.00 target price on shares of Ibotta in a research report on Tuesday, August 4th. The Goldman Sachs Group upped their price target on shares of Ibotta from $28.00 to $32.00 and gave the stock a “sell” rating in a research note on Tuesday, August 4th. Wells Fargo & Company upped their target price on Ibotta from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. Needham & Company LLC reiterated a “buy” rating and set a $45.00 price target on shares of Ibotta in a research report on Tuesday, August 4th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a report on Monday, September 21st.

Ibotta Stock Performance

NYSE:IBTA opened at $41.57 on Thursday. The stock has a market cap of $839.71 million, a price-to-earnings ratio of -88.44 and a beta of -0.29. Ibotta has a 1 year low of $19.10 and a 1 year high of $43.43. The business has a fifty day moving average of $38.09 and a 200-day moving average of $34.32.

Insider Buying and Selling at Ibotta

In other Ibotta news, CTO Luke Swanson sold 5,940 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $39.79, for a total value of $236,352.60. Following the completion of the sale, the chief technology officer directly owned 443,692 shares of the company’s stock, valued at approximately $17,654,504.68. This represents a 1.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Marisa Daspit sold 2,956 shares of Ibotta stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $37.46, for a total transaction of $110,731.76. Following the completion of the transaction, the insider directly owned 117,251 shares in the company, valued at $4,392,222.46. This represents a 2.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 116,068 shares of company stock valued at $4,271,876. 20.92% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IBTA. Hsbc Holdings PLC grew its holdings in shares of Ibotta by 29.4% in the 4th quarter. Hsbc Holdings PLC now owns 993,977 shares of the company’s stock worth $22,210,000 after acquiring an additional 226,021 shares during the last quarter. Bank of America Corp DE increased its stake in Ibotta by 17.8% in the 1st quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock worth $7,168,000 after purchasing an additional 36,223 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Ibotta by 17.7% during the first quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock valued at $7,172,000 after buying an additional 35,992 shares in the last quarter. Engineers Gate Manager LP purchased a new position in shares of Ibotta in the second quarter worth approximately $328,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Ibotta during the second quarter valued at approximately $290,000.

About Ibotta

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Its services help consumers earn cash back and other incentives by engaging with offers from consumer packaged goods brands and retailers.

The company’s platform is available through the Ibotta mobile application, website, and integrated retail and digital-commerce experiences. Users can browse eligible offers, make qualifying purchases, and receive rewards after submitting proof of purchase or linking eligible loyalty accounts.