Ibotta (NYSE:IBTA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Ibotta (NYSE:IBTA) from a sell rating to a hold rating in a research note released on Saturday.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company restated an “equal weight” rating and set a $30.00 price objective (down previously from $60.00) on shares of Ibotta in a research report on Thursday, August 14th. UBS Group reduced their price objective on shares of Ibotta from $55.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, August 14th. Citigroup downgraded shares of Ibotta from a “buy” rating to a “market perform” rating in a research report on Thursday, August 14th. Needham & Company LLC reduced their price objective on shares of Ibotta from $70.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, August 14th. Finally, Citizens Jmp downgraded shares of Ibotta from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $34.71.

Ibotta Trading Down 1.4%

Shares of NYSE:IBTA opened at $26.26 on Friday. The company has a market capitalization of $663.33 million, a PE ratio of 9.12, a P/E/G ratio of 21.30 and a beta of -1.30. Ibotta has a twelve month low of $22.50 and a twelve month high of $79.80. The firm has a 50 day simple moving average of $31.90 and a 200-day simple moving average of $41.01.

Ibotta announced that its board has approved a stock repurchase plan on Monday, June 9th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 8.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 423,878 shares of the company’s stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $35.02, for a total value of $14,844,207.56. Following the completion of the sale, the insider owned 11,363 shares in the company, valued at $397,932.26. This represents a 97.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 2,022,380 shares of company stock valued at $70,856,978. 16.08% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ibotta

Institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Ibotta in the 1st quarter valued at $25,000. CWM LLC increased its stake in Ibotta by 225.2% in the 2nd quarter. CWM LLC now owns 943 shares of the company’s stock valued at $35,000 after buying an additional 653 shares during the period. Private Wealth Asset Management LLC acquired a new position in Ibotta in the 2nd quarter valued at $37,000. Quantbot Technologies LP acquired a new position in Ibotta in the 2nd quarter valued at $66,000. Finally, GAMMA Investing LLC increased its stake in Ibotta by 2,859.7% in the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company’s stock valued at $840,000 after buying an additional 1,916 shares during the period.

Ibotta Company Profile

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.