Ibotta (NYSE:IBTA) Price Target Cut to $50.00 by Analysts at The Goldman Sachs Group

Ibotta (NYSE:IBTA - Get Free Report) had its price objective cut by The Goldman Sachs Group from $56.00 to $50.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. The Goldman Sachs Group's price target would suggest a potential upside of 4.95% from the stock's previous close.

Ibotta Stock Up 4.8 %

Shares of NYSE:IBTA traded up $2.20 during trading on Monday, hitting $47.64. 350,029 shares of the company were exchanged, compared to its average volume of 449,021. The company has a 50 day moving average of $47.71. The stock has a market capitalization of $1.26 billion and a PE ratio of 26.61. Ibotta has a 12-month low of $31.40 and a 12-month high of $117.59.

Ibotta declared that its board has approved a stock repurchase program on Wednesday, March 12th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Ibotta

A hedge fund recently raised its stake in Ibotta stock. GAMMA Investing LLC increased its holdings in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 2,859.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,983 shares of the company's stock after purchasing an additional 1,916 shares during the period. GAMMA Investing LLC's holdings in Ibotta were worth $840,000 as of its most recent SEC filing.

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.