Ibotta’s (IBTA) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Ibotta (NYSE:IBTA) in a report issued on Tuesday,Benzinga reports. The brokerage currently has a $45.00 target price on the stock.

IBTA has been the subject of several other research reports. Wells Fargo & Company lifted their price target on Ibotta from $34.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Weiss Ratings reiterated a “sell (d)” rating on shares of Ibotta in a research report on Wednesday, June 24th. Evercore set a $40.00 price objective on Ibotta in a report on Thursday, May 7th. Zacks Research upgraded Ibotta from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. Finally, The Goldman Sachs Group upped their target price on Ibotta from $28.00 to $32.00 and gave the stock a “sell” rating in a research note on Tuesday. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Ibotta presently has a consensus rating of “Reduce” and an average target price of $36.50.

Ibotta Stock Performance

IBTA opened at $35.77 on Tuesday. The company has a fifty day moving average of $31.47 and a two-hundred day moving average of $29.18. The stock has a market capitalization of $722.55 million, a price-to-earnings ratio of -76.10 and a beta of -0.44. Ibotta has a fifty-two week low of $19.10 and a fifty-two week high of $40.49.

Ibotta (NYSE:IBTA) last posted its earnings results on Wednesday, May 6th. The company reported $0.24 earnings per share (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 for the quarter. During the same period in the previous year, the company earned $0.02 earnings per share. The company’s revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts forecast that Ibotta will post 0.24 earnings per share for the current year.

Insider Transactions at Ibotta

In other news, Director Thomas D. Lehrman sold 19,788 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $32.11, for a total transaction of $635,392.68. Following the completion of the sale, the director owned 32,981 shares of the company’s stock, valued at $1,059,019.91. The trade was a 37.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 stock was 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 of the company’s stock, valued at approximately $100,740,436.20. This trade represents a 13.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 619,581 shares of company stock valued at $18,848,339 over the last 90 days. Corporate insiders own 20.92% of the company’s stock.

Hedge Funds Weigh In On Ibotta

Several hedge funds and other institutional investors have recently made changes to their positions in IBTA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Ibotta by 5.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,394 shares of the company’s stock worth $396,000 after acquiring an additional 515 shares during the last quarter. Quantbot Technologies LP raised its holdings 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 during the last quarter. Essential Partners LLC lifted its stake in Ibotta by 40,800.0% in the 1st quarter. Essential Partners LLC now owns 818 shares of the company’s stock worth $25,000 after purchasing an additional 816 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in 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 boosted its holdings in shares of Ibotta by 9.0% during 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 during the last quarter.

Ibotta Company Profile

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.