Ibotta (NYSE:IBTA) Reaches New 52-Week High – Time to Buy?

Ibotta, Inc. (NYSE:IBTA) reached a new 52-week high during trading on Thursday. The stock traded as high as $45.30 and last traded at $44.77, with a volume of 525,134 shares trading hands. The stock had previously closed at $43.28.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on IBTA shares. The Goldman Sachs Group lifted their price objective on Ibotta from $28.00 to $32.00 and gave the company a “sell” rating in a research report on Tuesday, August 4th. UBS Group lifted their price target on shares of Ibotta from $30.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Wells Fargo & Company raised their target price on shares of Ibotta from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 4th. Needham & Company LLC restated a “buy” rating and set a $45.00 price objective on shares of Ibotta in a research note on Tuesday, August 4th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Ibotta in a research note on Monday, September 21st. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $36.50.

Ibotta Trading Up 3.4%

The company has a market capitalization of $904.35 million, a PE ratio of -95.25 and a beta of -0.29. The company has a fifty day simple moving average of $39.51 and a 200-day simple moving average of $34.84.

Insider Buying and Selling

In other news, insider Marisa Daspit sold 2,956 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $37.46, for a total transaction of $110,731.76. Following the completion of the sale, the insider owned 117,251 shares in the company, valued at approximately $4,392,222.46. This represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Thomas D. Lehrman sold 14,347 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $37.28, for a total transaction of $534,856.16. Following the completion of the sale, the director owned 16,490 shares of the company’s stock, valued at approximately $614,747.20. The trade was a 46.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 116,068 shares of company stock worth $4,271,876. Company insiders own 20.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IBTA. Essential Partners LLC boosted its position in shares of Ibotta by 40,800.0% in the first quarter. Essential Partners LLC now owns 818 shares of the company’s stock worth $25,000 after acquiring an additional 816 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Ibotta during the first quarter valued at approximately $39,000. New York State Teachers Retirement System acquired a new position in Ibotta during the 1st quarter valued at approximately $39,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Ibotta by 335.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,754 shares of the company’s stock valued at $63,000 after purchasing an additional 2,122 shares during the period. Finally, Aristides Capital LLC acquired a new position in Ibotta during the 4th quarter valued at about $220,000.

Ibotta Company Profile

Ibotta, Inc is a technology company that operates a digital promotions and rewards platform. Its services help consumers earn cash back and other incentives by engaging with offers from consumer packaged goods brands and retailers.

The company’s platform is available through the Ibotta mobile application, website, and integrated retail and digital-commerce experiences. Users can browse eligible offers, make qualifying purchases, and receive rewards after submitting proof of purchase or linking eligible loyalty accounts.