Ibotta (NYSE:IBTA) Upgraded at UBS Group

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

Several other equities research analysts also recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Ibotta from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Wall Street Zen upgraded Ibotta from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ibotta in a report on Wednesday, June 24th. Zacks Research upgraded Ibotta from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Finally, Evercore set a $42.00 target price on shares of Ibotta in a research report on Tuesday. One 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 MarketBeat, Ibotta presently has an average rating of “Reduce” and a consensus price target of $36.50.

Ibotta Price Performance

Shares of IBTA opened at $39.38 on Wednesday. The firm has a market capitalization of $795.48 million, a PE ratio of -83.79 and a beta of -0.44. The company’s 50-day moving average is $31.57 and its 200-day moving average is $29.25. Ibotta has a fifty-two week low of $19.10 and a fifty-two week high of $40.49.

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 3.21% and a negative return on equity of 4.74%. The business had revenue of $82.48 million during the quarter. During the same period in the previous year, the firm posted $0.02 EPS. The business’s quarterly revenue was down 2.5% on a year-over-year basis. Analysts predict that Ibotta will post 0.24 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Thomas D. Lehrman sold 30,119 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $30.78, for a total transaction of $927,062.82. Following the sale, the director owned 40,744 shares in the company, valued at approximately $1,254,100.32. This trade represents a 42.50% decrease in their position. 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 Ibotta stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $24.47, for a total transaction of $145,351.80. Following the completion of the transaction, the chief technology officer directly owned 483,964 shares in the company, valued at $11,842,599.08. This trade represents a 1.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 619,581 shares of company stock worth $18,848,339. 20.92% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ibotta

A number of large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Ibotta by 5.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock valued at $396,000 after purchasing an additional 515 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Ibotta during the 1st quarter worth $161,000. Goldman Sachs Group Inc. lifted its position in shares of Ibotta by 16.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 122,514 shares of the company’s stock worth $5,170,000 after buying an additional 17,421 shares during the last quarter. Legal & General Group Plc boosted its stake in Ibotta by 43.5% in the second quarter. Legal & General Group Plc now owns 12,349 shares of the company’s stock valued at $452,000 after buying an additional 3,746 shares in the last quarter. Finally, Norges Bank bought a new position in Ibotta in the second quarter valued at about $781,000.

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.