Ibotta (NYSE:IBTA) Hits New 1-Year High – What’s Next?

Ibotta, Inc. (NYSE:IBTA)’s stock price hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $50.10 and last traded at $49.93, with a volume of 146,958 shares changing hands. The stock had previously closed at $48.13.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IBTA. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 price target on shares of Ibotta in a research note on Tuesday, August 4th. Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a report on Monday, September 21st. UBS Group increased their price target on shares of Ibotta from $30.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. The Goldman Sachs Group boosted their price objective on shares of Ibotta from $28.00 to $32.00 and gave the stock a “sell” rating in a report on Tuesday, August 4th. Finally, Evercore set a $42.00 price objective on shares of Ibotta in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $36.50.

Ibotta Stock Performance

The business’s 50 day moving average price is $40.40 and its 200-day moving average price is $35.36. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -105.93 and a beta of -0.29.

Insider Transactions at Ibotta

In other Ibotta news, CTO Luke Swanson sold 20,100 shares of Ibotta stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $40.04, for a total transaction of $804,804.00. Following the completion of the transaction, the chief technology officer directly owned 446,032 shares of the company’s stock, valued at approximately $17,859,121.28. This trade represents a 4.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas D. Lehrman sold 19,561 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $36.22, for a total transaction of $708,499.42. Following the completion of the sale, the director owned 25,312 shares in the company, valued at $916,800.64. This represents a 43.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 116,068 shares of company stock valued at $4,271,876. Corporate insiders own 20.92% of the company’s stock.

Institutional Trading of Ibotta

Several large investors have recently added to or reduced their stakes in IBTA. Hsbc Holdings PLC increased its stake in shares of Ibotta by 1.5% in the first quarter. Hsbc Holdings PLC now owns 1,009,287 shares of the company’s stock valued at $30,581,000 after buying an additional 15,310 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Ibotta by 17.7% during the first quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock worth $7,172,000 after purchasing an additional 35,992 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Ibotta by 17.8% during the first quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock valued at $7,168,000 after purchasing an additional 36,223 shares during the last quarter. Sei Investments Co. bought a new stake in shares of Ibotta during the first quarter valued at approximately $344,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Ibotta during the second quarter valued at approximately $328,000.

About Ibotta

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Its services help consumers earn cash back and other incentives by engaging with offers from consumer packaged goods brands and retailers.

The company’s platform is available through the Ibotta mobile application, website, and integrated retail and digital-commerce experiences. Users can browse eligible offers, make qualifying purchases, and receive rewards after submitting proof of purchase or linking eligible loyalty accounts.