Ibotta (NYSE:IBTA) Rating Increased to Hold at UBS Group

UBS Group upgraded shares of Ibotta (NYSE:IBTA) to a hold rating in a report published on Wednesday,Zacks.com reports.

IBTA has been the topic of several other reports. Wall Street Zen raised Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Wells Fargo & Company raised their price objective on Ibotta from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Tuesday. Zacks Research upgraded Ibotta from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Evercore set a $42.00 target price on Ibotta in a research report on Tuesday. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $36.50.

Ibotta Stock Up 9.5%

Shares of NYSE:IBTA opened at $39.38 on Wednesday. The firm has a fifty day simple moving average of $31.57 and a two-hundred day simple moving average of $29.25. Ibotta has a 52 week low of $19.10 and a 52 week high of $40.49. The stock has a market capitalization of $795.48 million, a P/E ratio of -83.79 and a beta of -0.44.

Ibotta (NYSE:IBTA) last announced its earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.45. Ibotta had a negative net margin of 3.21% and a negative return on equity of 4.74%. The firm had revenue of $82.48 million for the quarter. During the same quarter in the prior year, the company posted $0.02 earnings per share. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, analysts expect that Ibotta will post 0.24 earnings per share for the current year.

Insiders Place Their Bets

In other Ibotta news, major shareholder Jermoluk Founders Fund I. Clark sold 500,000 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $30.15, for a total transaction of $15,075,000.00. Following the completion of the transaction, the insider owned 3,341,308 shares in the company, valued at $100,740,436.20. The trade was a 13.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Luke Roy Swanson sold 5,940 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $24.47, for a total value of $145,351.80. Following the transaction, the chief technology officer directly owned 483,964 shares in the company, valued at approximately $11,842,599.08. This represents a 1.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 619,581 shares of company stock valued at $18,848,339 over the last 90 days. Insiders own 20.92% of the company’s stock.

Institutional Trading of Ibotta

Institutional investors and hedge funds have recently made changes to their positions in the business. Essential Partners LLC grew its holdings in shares of Ibotta by 40,800.0% in the first quarter. Essential Partners LLC now owns 818 shares of the company’s stock worth $25,000 after purchasing an additional 816 shares during the last quarter. Bank of America Corp DE boosted its position in Ibotta by 17.8% in the 1st quarter. Bank of America Corp DE now owns 239,167 shares of the company’s stock valued at $7,168,000 after buying an additional 36,223 shares during the period. Renaissance Technologies LLC grew its stake in Ibotta by 17.7% in the 1st quarter. Renaissance Technologies LLC now owns 239,300 shares of the company’s stock worth $7,172,000 after acquiring an additional 35,992 shares in the last quarter. Sei Investments Co. bought a new position in Ibotta in the 1st quarter worth about $344,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Ibotta during the first quarter worth approximately $39,000.

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.