The Goldman Sachs Group Cuts Ibotta (NYSE:IBTA) Price Target to $50.00

Ibotta (NYSE:IBTA) had its price target lowered by investment analysts at The Goldman Sachs Group from $56.00 to $50.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 9.43% from the stock’s previous close.

Ibotta Price Performance

Shares of IBTA stock traded down $0.35 during trading on Monday, hitting $45.69. 125,156 shares of the company were exchanged, compared to its average volume of 451,580. The company has a market capitalization of $1.27 billion and a price-to-earnings ratio of 25.53. The business’s 50-day moving average is $50.26. Ibotta has a twelve month low of $31.40 and a twelve month high of $117.59.

Ibotta declared that its Board of Directors has approved a stock repurchase plan on Wednesday, March 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Ibotta

An institutional investor recently raised its position in Ibotta stock. Rhumbline Advisers raised its position in shares of Ibotta, Inc. (NYSE:IBTA) by 6.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,221 shares of the company’s stock after acquiring an additional 1,252 shares during the period. Rhumbline Advisers owned approximately 0.07% of Ibotta worth $853,000 as of its most recent SEC filing.

About Ibotta

Ibotta’s mission is to Make Every Purchase Rewarding. Our technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network (IPN). We are pioneers in success-based marketing: we only get paid when our client’s promotion results in a sale, not when a consumer merely views or clicks on the promotion.