Needham & Company LLC Forecasts Strong Price Appreciation for Ibotta (NYSE:IBTA) Stock

Ibotta (NYSE:IBTA) had its price target hoisted by Needham & Company LLC from $60.00 to $70.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 38.72% from the stock’s previous close.

Separately, The Goldman Sachs Group cut their price objective on Ibotta from $56.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th.

Ibotta Stock Performance

Shares of NYSE IBTA opened at $50.46 on Thursday. The firm has a market cap of $1.57 billion and a price-to-earnings ratio of 28.19. Ibotta has a 1 year low of $31.40 and a 1 year high of $108.65. The stock’s 50-day simple moving average is $44.97 and its 200-day simple moving average is $59.72.

Ibotta (NYSE:IBTA) last announced its quarterly earnings data on Wednesday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.01. Ibotta’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the company posted $0.33 earnings per share.

Ibotta announced that its board has approved a stock repurchase plan on Wednesday, March 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Ibotta

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in Ibotta by 2,859.7% during the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company’s stock valued at $840,000 after acquiring an additional 1,916 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Ibotta by 6.6% in the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company’s stock valued at $853,000 after buying an additional 1,252 shares during the period. AMI Asset Management Corp acquired a new position in shares of Ibotta in the 1st quarter valued at $488,000. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Ibotta by 67.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company’s stock worth $44,047,000 after purchasing an additional 419,516 shares during the period. Finally, New York State Common Retirement Fund boosted its stake in shares of Ibotta by 58.1% during the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company’s stock worth $207,000 after purchasing an additional 1,800 shares during the last quarter.

About Ibotta

Ibotta’s mission is to Make Every Purchase Rewarding. Our technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network (IPN). We are pioneers in success-based marketing: we only get paid when our client’s promotion results in a sale, not when a consumer merely views or clicks on the promotion.