Ibotta (NYSE:IBTA) Shares Gap Up – Here’s What Happened

Ibotta, Inc. (NYSE:IBTA)’s stock price gapped up prior to trading 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 changing hands.

Analysts Set New Price Targets

IBTA has been the topic of a number of recent research reports. Evercore reduced their target price on shares of Ibotta from $38.00 to $32.00 and set an “in-line” rating on the stock in a research report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ibotta in a research note on Monday, December 29th. Bank of America cut their price objective 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. Wall Street Zen downgraded Ibotta from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Wells Fargo & Company lifted their target price on Ibotta from $30.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 26th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $33.14.

Ibotta Stock Up 7.4%

The firm has a market cap of $498.51 million, a P/E ratio of 213.66 and a beta of -1.20. The business’s 50 day moving average is $22.23 and its 200-day moving average is $25.22.

Ibotta (NYSE:IBTA) last released its earnings results on Wednesday, February 25th. The company reported $0.29 earnings per share for the quarter, topping 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 company had revenue of $88.53 million during the quarter. During the same period in the previous year, the firm posted $0.67 EPS. Ibotta’s revenue for the quarter was down 10.0% on a year-over-year basis.

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

Insider Buying and Selling

In other Ibotta news, insider Marisa Daspit sold 2,956 shares of the business’s stock in a transaction 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 completion of the sale, the insider owned 127,597 shares in the company, valued at $3,069,983.82. The trade was a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 16.08% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Ibotta by 17.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,570,896 shares of the company’s stock valued at $43,749,000 after buying an additional 232,027 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Ibotta by 15.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,281,219 shares of the company’s stock valued at $35,682,000 after acquiring an additional 168,054 shares during the period. Amova Asset Management Americas Inc. boosted its stake in Ibotta by 15.6% in the third quarter. Amova Asset Management Americas Inc. now owns 1,279,652 shares of the company’s stock valued at $35,600,000 after acquiring an additional 172,314 shares during the period. Nikko Asset Management Americas Inc. grew its holdings in shares of Ibotta by 5.1% during the second quarter. Nikko Asset Management Americas Inc. now owns 1,107,338 shares of the company’s stock valued at $40,529,000 after purchasing an additional 53,820 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of Ibotta by 29.4% during the 4th quarter. Hsbc Holdings PLC now owns 993,977 shares of the company’s stock worth $22,210,000 after purchasing an additional 226,021 shares during the period.

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.