Ibotta Analysts Slash Their Forecasts After Q2 Results

Ibotta, Inc. IBTA reported a year-over-year decrease in second-quarter adjusted EPS results and issued third-quarter revenue guidance below estimates on Tuesday.

Ibotta reported quarterly earnings of 68 cents per share, down from 69 cents per share in the year-ago period. The company reported quarterly sales of $87.93 million which beat the analyst consensus estimate of $85.73 million.

 Ibotta said it sees third-quarter revenue of $91 million to $96 million, versus estimates of $98.65 million.

Ibotta shares dipped 24.6% to $43.88 on Wednesday.

These analysts made changes to their price targets on IBTA following earnings announcement.

• B of A Securities analyst Curtis Nagle maintained Ibotta with a Buy and lowered the price target from $118 to $110.
• Evercore ISI Group analyst Mark Mahaney maintained the stock with an Outperform, while cutting the price target from $125 to $114.
• Wells Fargo analyst Ken Gawrelski maintained Ibotta with an Overweight and slashed the price target from $105 to $85.
• Citigroup analyst Ronald Josey maintained the stock with a Buy and lowered the price target from $125 to $95.
• Goldman Sachs analyst Eric Sheridan maintained the stock with a Neutral and lowered the price target from $103 to $87.
• Raymond James analyst Andrew Marok maintained the stock with an Outperform and cut the price target from $90 to $75.
• JMP Securities analyst Andrew Boone maintained Ibotta with a Market Outperform, while lowering the price target from $130 to $111.

Read More:

• Wall Street’s Most Accurate Analysts Weigh In On 3 Tech Stocks With Over 3% Dividend Yields

Considering buying IBTA stock? Here’s what analysts think: