The Goldman Sachs Group Issues Pessimistic Forecast for Ibotta (NYSE:IBTA) Stock Price

Ibotta (NYSE:IBTA) had its price target cut by analysts at The Goldman Sachs Group from $56.00 to $50.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 9.43% from the company’s current price.

Ibotta Trading Down 0.8 %

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

Ibotta announced that its board has authorized a stock buyback program on Wednesday, March 12th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Ibotta stock. GAMMA Investing LLC lifted its holdings in Ibotta, Inc. (NYSE:IBTA) by 2,859.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,983 shares of the company’s stock after acquiring an additional 1,916 shares during the period. GAMMA Investing LLC’s holdings in Ibotta were worth $840,000 as of its most recent filing with the SEC.

Ibotta Company Profile

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.