Ibotta (NYSE:IBTA) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Ibotta (NYSE:IBTA) had its target price raised by Needham & Company LLC from $60.00 to $70.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Separately, The Goldman Sachs Group cut their price objective on Ibotta from $56.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.60.

Ibotta Stock Performance

IBTA opened at $60.33 on Thursday. Ibotta has a one year low of $31.40 and a one year high of $108.65. The company has a market cap of $1.87 billion and a price-to-earnings ratio of 33.70. The business’s fifty day moving average is $45.38 and its two-hundred day moving average is $59.70.

Ibotta (NYSE:IBTA) last posted its earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The business had revenue of $84.57 million for the quarter, compared to analysts’ expectations of $81.70 million. The business’s revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 earnings per share.

Ibotta declared that its Board of Directors has authorized a stock buyback plan on Wednesday, March 12th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Ibotta in the first quarter valued at $25,000. Deutsche Bank AG lifted its holdings in shares of Ibotta by 6.9% during the 1st quarter. Deutsche Bank AG now owns 11,030 shares of the company’s stock worth $465,000 after acquiring an additional 713 shares during the period. Rhumbline Advisers boosted its position in shares of Ibotta by 6.6% in the first quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock worth $853,000 after acquiring an additional 1,252 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Ibotta by 58.1% in the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock valued at $207,000 after purchasing an additional 1,800 shares during the period. Finally, GAMMA Investing LLC increased its position in Ibotta by 2,859.7% during the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company’s stock worth $840,000 after purchasing an additional 1,916 shares during the last quarter.

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.