Ibotta, Inc. (NYSE:IBTA) Receives $34.14 Average Price Target from Brokerages

Ibotta, Inc. (NYSE:IBTA) has earned a consensus recommendation of “Reduce” from the ten brokerages that are covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $34.1429.

Several brokerages have recently issued reports on IBTA. The Goldman Sachs Group cut shares of Ibotta from a “neutral” rating to a “sell” rating and cut their target price for the stock from $30.00 to $26.00 in a report on Tuesday, October 14th. Needham & Company LLC cut their target price on shares of Ibotta from $70.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, August 14th. Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a report on Wednesday, October 8th. Evercore ISI restated an “in-line” rating and issued a $38.00 target price (down previously from $65.00) on shares of Ibotta in a report on Thursday, August 14th. Finally, Bank of America reiterated an “underperform” rating and issued a $24.00 price target (down previously from $57.00) on shares of Ibotta in a report on Thursday, August 14th.

Ibotta Price Performance

Shares of NYSE IBTA opened at $32.87 on Thursday. Ibotta has a one year low of $22.50 and a one year high of $79.80. The firm’s 50 day simple moving average is $27.94 and its two-hundred day simple moving average is $37.99. The stock has a market capitalization of $830.30 million, a P/E ratio of 11.41, a PEG ratio of 26.09 and a beta of -1.19.

Ibotta (NYSE:IBTA) last issued its earnings results on Thursday, May 30th. The company reported ($0.10) earnings per share (EPS) for the quarter. Ibotta had a return on equity of 24.26% and a net margin of 26.24%.The firm had revenue of $56.52 million during the quarter.

Institutional Trading of Ibotta

Large investors have recently added to or reduced their stakes in the stock. Southpoint Capital Advisors LP lifted its position in Ibotta by 48.2% during the first quarter. Southpoint Capital Advisors LP now owns 1,536,500 shares of the company’s stock valued at $64,840,000 after buying an additional 499,556 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in Ibotta by 6.6% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,113,165 shares of the company’s stock valued at $40,742,000 after buying an additional 69,407 shares during the period. Nikko Asset Management Americas Inc. lifted its position in Ibotta by 5.1% during the second quarter. Nikko Asset Management Americas Inc. now owns 1,107,338 shares of the company’s stock valued at $40,529,000 after buying an additional 53,820 shares during the period. ARK Investment Management LLC lifted its position in Ibotta by 299.8% during the first quarter. ARK Investment Management LLC now owns 704,308 shares of the company’s stock valued at $29,722,000 after buying an additional 528,147 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Ibotta by 481.8% during the second quarter. JPMorgan Chase & Co. now owns 654,876 shares of the company’s stock valued at $23,968,000 after buying an additional 542,313 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.