Ibotta (NYSE:IBTA) Shares Gap Up – Time to Buy?

Ibotta, Inc. (NYSE:IBTA) shares gapped up before the market opened on Thursday . The stock had previously closed at $21.89, but opened at $23.15. Ibotta shares last traded at $23.75, with a volume of 184,168 shares traded.

Wall Street Analyst Weigh In

IBTA has been the topic of a number of analyst reports. The Goldman Sachs Group lowered their target price on Ibotta from $26.00 to $23.00 and set a “sell” rating on the stock in a report on Thursday, November 13th. Evercore decreased their price objective on Ibotta from $38.00 to $32.00 and set an “in-line” rating on the stock in a research note on Thursday, November 13th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research note on Monday, December 29th. Bank of America reduced their target price on shares of Ibotta from $24.00 to $22.00 and set an “underperform” rating on the stock in a report on Thursday, November 13th. Finally, Wall Street Zen cut shares of Ibotta from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Ibotta has an average rating of “Reduce” and an average price target of $33.14.

Ibotta Price Performance

The company has a 50-day moving average of $22.23 and a two-hundred day moving average of $25.22. The stock has a market capitalization of $498.51 million, a PE ratio of 213.66 and a beta of -1.20.

Ibotta (NYSE:IBTA) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.30. The company had revenue of $88.53 million for the quarter. Ibotta had a net margin of 1.04% and a return on equity of 1.04%. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.67 EPS.

Ibotta announced that its Board of Directors has initiated a share buyback program on Wednesday, March 11th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 21.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Ibotta news, insider Marisa Daspit sold 2,956 shares of Ibotta stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $24.06, for a total transaction of $71,121.36. Following the transaction, the insider directly owned 127,597 shares of the company’s stock, valued at $3,069,983.82. The trade was a 2.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 16.08% of the company’s stock.

Institutional Investors Weigh In On Ibotta

Several large investors have recently made changes to their positions in the business. CWM LLC boosted its position in Ibotta by 50.8% during the 3rd quarter. CWM LLC now owns 1,422 shares of the company’s stock worth $40,000 after purchasing an additional 479 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Ibotta in the second quarter worth about $66,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Ibotta by 187.5% in 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 in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Ibotta by 47,920.0% in the fourth 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 purchased a new stake in shares of Ibotta during the 1st quarter valued at about $161,000.

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.