Ibotta (NYSE:IBTA) Trading Up 8.4% – Still a Buy?

Shares of Ibotta, Inc. (NYSE:IBTA) were up 8.4% during trading on Tuesday . The company traded as high as $26.89 and last traded at $26.77. Approximately 46,681 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 329,104 shares. The stock had previously closed at $24.69.

Analysts Set New Price Targets

IBTA has been the topic of several analyst reports. Wells Fargo & Company boosted their price target on shares of Ibotta from $30.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 26th. Weiss Ratings reissued a “sell (d)” rating on shares of Ibotta in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $33.14.

Ibotta Stock Performance

The company has a market cap of $565.25 million, a P/E ratio of 242.29 and a beta of -1.22. The business’s 50-day moving average price is $22.29 and its 200 day moving average price is $25.17.

Ibotta (NYSE:IBTA) last issued its earnings results on Wednesday, February 25th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.30. Ibotta had a net margin of 1.04% and a return on equity of 1.04%. The business had revenue of $88.53 million during the quarter. During the same quarter last year, the business posted $0.67 earnings per share. The company’s revenue for the quarter was down 10.0% on a year-over-year basis.

Ibotta announced that its board has initiated a share buyback plan on Wednesday, March 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 21.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Ibotta

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

Hedge Funds Weigh In On Ibotta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBTA. CWM LLC lifted its stake in shares of Ibotta by 50.8% during the 3rd quarter. CWM LLC now owns 1,422 shares of the company’s stock worth $40,000 after buying an additional 479 shares during the last quarter. Quantbot Technologies LP acquired a new position in Ibotta in the 2nd quarter valued at about $66,000. Caitong International Asset Management Co. Ltd raised its holdings in Ibotta by 187.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,817 shares of the company’s stock valued at $41,000 after acquiring an additional 1,185 shares during the period. Farther Finance Advisors LLC lifted its position in Ibotta by 47,920.0% during the fourth quarter. Farther Finance Advisors LLC now owns 2,401 shares of the company’s stock worth $55,000 after acquiring an additional 2,396 shares during the last quarter. Finally, Jones Financial Companies Lllp bought a new stake in shares of Ibotta during the first 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.