What's Going On With Ibotta Stock Thursday?

Ibotta, Inc. IBTA shares are trading higher Thursday after the company reported better-than-expected first-quarter financial results.

The Details: Ibotta reported adjusted earnings per share of 36 cents, beating the consensus estimate of 1 cent. In addition, the company reported sales of $84.57 million, beating the consensus estimate of $82.07 million and representing a 3% year-over-year increase.

“We made significant progress in the first quarter in establishing Ibotta as the first full-service performance marketing platform for the CPG industry,” said Ibotta CEO and founder, Bryan Leach.

Outlook: Ibotta sees second quarter sales from $86.50 million to $92.50 million, versus the consensus estimate of $89.15 million.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Needham analyst Bernie McTernan maintained a Buy rating on Ibotta and raised the price target from $60 to $70.
• Wells Fargo analyst Ken Gawrelski maintained an Overweight rating on Ibotta and raised the price target from $52 to $60.
• UBS analyst Chris Kuntarich maintained a Neutral rating on Ibotta and raised the price target from $42 to $55.

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IBTA Price Action: At the time of writing, Ibotta stock is trading 23.9% higher at $62.11, according to data from Benzinga Pro.

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