Ibotta (NYSE:IBTA) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Ibotta (NYSE:IBTA) had its price target upped by Wells Fargo & Company from $38.00 to $40.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 29.07% from the stock’s previous close.

IBTA has been the topic of a number of other research reports. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a report on Wednesday, June 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 price target on shares of Ibotta in a report on Tuesday. Zacks Research upgraded Ibotta from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. The Goldman Sachs Group reissued a “sell” rating and set a $32.00 price objective on shares of Ibotta in a report on Tuesday. Finally, Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $34.83.

Ibotta Stock Performance

Shares of Ibotta stock opened at $30.99 on Tuesday. The stock has a market capitalization of $626.00 million, a P/E ratio of -91.15 and a beta of -0.43. Ibotta has a 52-week low of $19.10 and a 52-week high of $40.49. The stock’s 50-day simple moving average is $31.34 and its 200 day simple moving average is $28.90.

Ibotta (NYSE:IBTA) last posted its earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share 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 during the quarter. During the same quarter in the previous year, the business earned $0.02 EPS. Ibotta’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts forecast that Ibotta will post 0.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Luke Roy Swanson sold 5,940 shares of Ibotta 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 completion of the sale, the chief technology officer owned 489,904 shares of the company’s stock, valued at approximately $17,215,226.56. This trade represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 business’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $30.15, for a total value of $15,075,000.00. Following the transaction, the insider owned 3,341,308 shares of the company’s stock, valued at approximately $100,740,436.20. The trade was a 13.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 613,641 shares of company stock worth $18,702,987. Corporate insiders own 20.92% of the company’s stock.

Institutional Investors Weigh In On Ibotta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBTA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Ibotta by 5.8% during 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. Quantbot Technologies LP lifted its position in Ibotta by 34.6% in the 3rd quarter. Quantbot Technologies LP now owns 2,420 shares of the company’s stock valued at $67,000 after acquiring an additional 622 shares in the last quarter. Essential Partners LLC boosted its stake in Ibotta by 40,800.0% during the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock valued at $25,000 after purchasing an additional 816 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Ibotta by 5.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 17,769 shares of the company’s stock worth $404,000 after purchasing an additional 855 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Ibotta by 9.0% in the 3rd quarter. Legal & General Group Plc now owns 13,461 shares of the company’s stock worth $375,000 after purchasing an additional 1,112 shares in 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.