Ibotta (NYSE:IBTA) Shares Gap Up – Time to Buy?

Ibotta, Inc. (NYSE:IBTA)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $46.13, but opened at $49.49. Ibotta shares last traded at $48.53, with a volume of 56,514 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on IBTA. Wells Fargo & Company upped their price target on Ibotta from $52.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. Needham & Company LLC increased their target price on Ibotta from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Evercore ISI reissued an “outperform” rating on shares of Ibotta in a research note on Thursday, May 15th. The Goldman Sachs Group increased their target price on Ibotta from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Finally, JMP Securities reissued a “market outperform” rating and set a $58.00 target price on shares of Ibotta in a research note on Thursday, May 15th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Ibotta currently has a consensus rating of “Moderate Buy” and an average price target of $61.60.

Ibotta Stock Performance

The company has a market cap of $1.15 billion, a price-to-earnings ratio of 30.59 and a beta of -0.84. The business has a 50-day simple moving average of $48.75 and a 200-day simple moving average of $58.64.

Ibotta (NYSE:IBTA) last posted its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $84.57 million during the quarter, compared to analyst estimates of $81.70 million. During the same period in the prior year, the business earned $0.33 EPS. Ibotta’s revenue for the quarter was up 2.8% on a year-over-year basis.

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

Insider Transactions at Ibotta

In other news, major shareholder Jermoluk Founders Fund I. Clark sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.15, for a total transaction of $250,750.00. Following the sale, the insider now owns 563,181 shares of the company’s stock, valued at approximately $28,243,527.15. This trade represents a 0.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Marisa Daspit sold 1,243 shares of Ibotta stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $49.44, for a total value of $61,453.92. Following the transaction, the insider now directly owns 56,282 shares in the company, valued at approximately $2,782,582.08. This trade represents a 2.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,555 shares of company stock valued at $3,703,146. Corporate insiders own 16.08% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Ibotta by 5.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock worth $396,000 after buying an additional 515 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Ibotta during the first quarter worth approximately $25,000. Deutsche Bank AG increased its position in Ibotta by 6.9% during the first quarter. Deutsche Bank AG now owns 11,030 shares of the company’s stock worth $465,000 after buying an additional 713 shares during the period. Rhumbline Advisers increased its position in Ibotta by 6.6% during the first quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock worth $853,000 after buying an additional 1,252 shares during the period. Finally, New York State Common Retirement Fund increased its position in Ibotta by 58.1% during the first quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock worth $207,000 after buying an additional 1,800 shares during the period.

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.