Needham & Company LLC Reiterates Buy Rating for Ibotta (NYSE:IBTA)

Ibotta (NYSE:IBTA)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $45.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 85.03% from the company’s current price.

Other analysts also recently issued research reports about the company. Wall Street Zen upgraded Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Evercore set a $40.00 target price on shares of Ibotta in a research note on Thursday, May 7th. Wells Fargo & Company upped their price objective on shares of Ibotta from $34.00 to $38.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. The Goldman Sachs Group reiterated a “sell” rating on shares of Ibotta in a research report on Tuesday. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Ibotta in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $33.83.

Ibotta Trading Up 1.3%

NYSE IBTA opened at $24.32 on Tuesday. Ibotta has a 1 year low of $19.10 and a 1 year high of $40.49. The company has a fifty day simple moving average of $31.34 and a 200 day simple moving average of $28.90. The company has a market cap of $491.26 million, a P/E ratio of -71.53 and a beta of -0.43.

Ibotta (NYSE:IBTA) last announced its earnings results on Wednesday, May 6th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of ($0.21) by $0.45. Ibotta had a negative net margin of 2.15% and a negative return on equity of 2.39%. The firm had revenue of $82.48 million for the quarter. During the same quarter last year, the business earned $0.02 EPS. The business’s revenue was down 2.5% compared to the same quarter last year. Equities research analysts forecast that Ibotta will post 0.24 EPS for the current fiscal year.

Insider Activity

In other news, CTO Luke Roy Swanson sold 5,940 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $35.14, for a total transaction of $208,731.60. Following the transaction, the chief technology officer owned 489,904 shares of the company’s stock, valued at $17,215,226.56. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $30.15, for a total transaction of $15,075,000.00. Following the transaction, the insider owned 3,341,308 shares in the company, valued at approximately $100,740,436.20. The trade was a 13.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 613,641 shares of company stock valued at $18,702,987 over the last three months. 20.92% of the stock is owned by insiders.

Institutional Trading of Ibotta

A number of hedge funds have recently modified their holdings of IBTA. Vanguard Group Inc. raised its stake in Ibotta by 17.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company’s stock worth $43,749,000 after buying an additional 232,027 shares during the period. Hsbc Holdings PLC boosted its position in shares of Ibotta by 1.5% during the first quarter. Hsbc Holdings PLC now owns 1,009,287 shares of the company’s stock worth $30,581,000 after buying an additional 15,310 shares during the period. BNP Paribas Financial Markets raised its position in Ibotta by 23.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 407,936 shares of the company’s stock valued at $11,361,000 after buying an additional 76,835 shares during the last quarter. Deutsche Bank AG lifted its stake in Ibotta by 3,449.8% in the 4th quarter. Deutsche Bank AG now owns 369,890 shares of the company’s stock valued at $8,408,000 after acquiring an additional 359,470 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Ibotta by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 327,479 shares of the company’s stock worth $7,445,000 after acquiring an additional 3,000 shares during the last quarter.

About Ibotta

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.