Wells Fargo & Company Boosts Ibotta (NYSE:IBTA) Price Target to $34.00

Ibotta (NYSE:IBTA) had its price target boosted by Wells Fargo & Company from $30.00 to $34.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 36.55% from the company’s current price.

A number of other equities analysts have also recently issued reports on the company. The Goldman Sachs Group dropped their price objective on Ibotta from $26.00 to $23.00 and set a “sell” rating for the company in a report on Thursday, November 13th. Evercore decreased their target price on Ibotta from $38.00 to $32.00 and set an “in-line” rating for the company in a research report on Thursday, November 13th. Weiss Ratings restated a “sell (d)” rating on shares of Ibotta in a report on Monday, December 29th. Finally, Bank of America dropped their target price on shares of Ibotta from $24.00 to $22.00 and set an “underperform” rating on the stock in a research note on Thursday, November 13th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $33.14.

Ibotta Stock Down 5.5%

NYSE IBTA opened at $24.90 on Thursday. Ibotta has a 52 week low of $19.10 and a 52 week high of $62.74. The firm has a market capitalization of $583.78 million, a price-to-earnings ratio of 226.38 and a beta of -0.88. The company has a fifty day moving average of $22.01 and a two-hundred day moving average of $25.47.

Ibotta (NYSE:IBTA) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.03). Ibotta had a net margin of 1.04% and a return on equity of 0.99%. The firm had revenue of $88.53 million for the quarter. The company’s revenue was down 10.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.67 EPS.

Institutional Trading of Ibotta

A number of hedge funds have recently bought and sold shares of IBTA. CWM LLC raised its position in shares of Ibotta by 225.2% in the 2nd quarter. CWM LLC now owns 943 shares of the company’s stock worth $35,000 after acquiring an additional 653 shares in the last quarter. Quantbot Technologies LP bought a new position in Ibotta in the second quarter worth about $66,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Ibotta by 187.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock valued at $41,000 after buying an additional 1,185 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Ibotta by 47,920.0% in the 4th quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company’s stock valued at $55,000 after buying an additional 2,396 shares in the last quarter. Finally, Jones Financial Companies Lllp bought a new position in shares of Ibotta during the 1st quarter worth approximately $161,000.

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.