Ibotta (NYSE:IBTA) Price Target Raised to $60.00

Ibotta (NYSE:IBTA) had its price objective raised by Citigroup from $34.00 to $60.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other analysts have also weighed in on IBTA. Evercore set a $58.00 price objective on shares of Ibotta in a research note on Tuesday. The Goldman Sachs Group upgraded shares of Ibotta from a “sell” rating to a “neutral” rating and boosted their target price for the company from $35.00 to $58.00 in a research report on Tuesday. Wells Fargo & Company upped their price target on shares of Ibotta from $40.00 to $49.00 and gave the company an “equal weight” rating in a report on Tuesday. UBS Group increased their price target on Ibotta from $30.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Finally, Needham & Company LLC lifted their price objective on Ibotta from $45.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Ibotta has an average rating of “Reduce” and a consensus target price of $50.00.

Ibotta Stock Up 0.8%

Shares of Ibotta stock traded up $0.49 on Wednesday, reaching $58.34. 424,260 shares of the stock were exchanged, compared to its average volume of 274,887. The business has a 50 day moving average price of $44.25 and a two-hundred day moving average price of $33.59. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -87.07 and a beta of -0.46. Ibotta has a twelve month low of $19.10 and a twelve month high of $66.39.

Ibotta (NYSE:IBTA) last issued its quarterly earnings results on Monday, November 2nd. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.49. Ibotta had a negative net margin of 4.49% and a negative return on equity of 5.40%. The company had revenue of $97.83 million for the quarter. During the same quarter last year, the company posted $0.56 EPS. Ibotta’s quarterly revenue was up 17.4% compared to the same quarter last year. Research analysts forecast that Ibotta will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other news, Director Thomas D. Lehrman sold 19,561 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $36.22, for a total transaction of $708,499.42. Following the sale, the director directly owned 25,312 shares in the company, valued at $916,800.64. This trade represents a 43.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Luke Swanson sold 30,206 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $62.20, for a total value of $1,878,813.20. Following the sale, the chief technology officer owned 186,146 shares in the company, valued at $11,578,281.20. This trade represents a 13.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,520 shares of company stock valued at $8,493,101 in the last ninety days. 20.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ibotta

A number of large investors have recently bought and sold shares of the business. State of Alaska Department of Revenue increased its position in shares of Ibotta by 32.9% in the third quarter. State of Alaska Department of Revenue now owns 1,083 shares of the company’s stock valued at $42,000 after buying an additional 268 shares in the last quarter. Engineers Gate Manager LP purchased a new position in shares of Ibotta during the 2nd quarter valued at approximately $328,000. Squarepoint Ops LLC acquired a new stake in Ibotta in the 2nd quarter valued at $290,000. Essential Partners LLC grew its stake in Ibotta by 40,800.0% in the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock valued at $25,000 after acquiring an additional 816 shares during the period. Finally, Bank of America Corp DE grew 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 valued at $7,168,000 after acquiring an additional 36,223 shares during the period.

About Ibotta

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Through its Ibotta app and website, consumers can earn cash back and other rewards by purchasing eligible products from participating retailers. The company’s offerings are designed to help brands and retailers deliver targeted promotions, measure consumer engagement and encourage purchases.

Ibotta also provides its technology to retailers, publishers and other business partners through the Ibotta Performance Network.