Ibotta (NYSE:IBTA) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of Ibotta (NYSE:IBTA) from a strong sell rating to a hold rating in a report published on Monday morning,Zacks.com reports.

A number of other equities analysts have also weighed in on IBTA. Evercore set a $40.00 price objective on Ibotta in a research note on Thursday, May 7th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research report on Friday, March 27th. Wall Street Zen upgraded Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Wells Fargo & Company raised their target price on Ibotta from $34.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC lifted their price objective on Ibotta from $33.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Ibotta has a consensus rating of “Reduce” and an average target price of $33.00.

Ibotta Stock Performance

Ibotta stock opened at $33.27 on Monday. The stock has a market cap of $672.05 million, a PE ratio of -97.85 and a beta of -0.59. Ibotta has a one year low of $19.10 and a one year high of $49.99. The stock has a fifty day moving average of $33.51 and a 200 day moving average of $26.67.

Ibotta (NYSE:IBTA) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.45. The company had revenue of $82.48 million during the quarter. Ibotta had a negative return on equity of 2.39% and a negative net margin of 2.15%.The firm’s revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.02 EPS. As a group, sell-side analysts predict that Ibotta will post 0.24 EPS for the current fiscal year.

Ibotta declared that its board has approved a share repurchase plan on Wednesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 21.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Thomas D. Lehrman sold 30,119 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $30.78, for a total value of $927,062.82. Following the transaction, the director directly owned 40,744 shares in the company, valued at approximately $1,254,100.32. This represents a 42.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Luke Roy Swanson sold 5,940 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $32.98, for a total value of $195,901.20. Following the transaction, the chief technology officer owned 495,844 shares in the company, valued at $16,352,935.12. This trade represents a 1.18% 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 107,701 shares of company stock worth $3,419,255 over the last quarter. 20.92% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Ibotta by 5.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock valued at $396,000 after acquiring an additional 515 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Ibotta during the first quarter worth about $161,000. Goldman Sachs Group Inc. grew its holdings in shares of Ibotta by 16.6% during the first quarter. Goldman Sachs Group Inc. now owns 122,514 shares of the company’s stock worth $5,170,000 after purchasing an additional 17,421 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Ibotta by 43.5% during the second quarter. Legal & General Group Plc now owns 12,349 shares of the company’s stock worth $452,000 after purchasing an additional 3,746 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Ibotta during the second quarter worth about $781,000.

Ibotta Company Profile

Ibotta (NYSE: IBTA) is a Denver‐based mobile commerce platform that connects consumers, retailers and brands through a unified cash-back rewards experience. Users access the Ibotta mobile app or browser extension to unlock rebates on everyday purchases, redeemable on groceries, retail goods, travel bookings and digital services. The platform integrates with major supermarket chains, big‐box retailers and online merchants, enabling shoppers to earn automatic cash-back both in physical stores and across e-commerce channels.

Founded in 2012 by co‐founder and CEO Bryan Leach, Ibotta has evolved from a simple rebate app into a comprehensive performance marketing partner for consumer goods companies.