Ibotta, Inc. IBTA reported better-than-expected third-quarter sales on Wednesday.

Ibotta posted third-quarter adjusted earnings of 94 cents per share, which may not compare to market estimates of 35 cents per share. The company’s sales came in at $98.60 million, beating expectations of $94.05 million.

Ibotta said it sees fourth-quarter revenue of $100 million to $106 million, versus analysts’ estimates of $110.29 million. The company expects adjusted EBITDA of $30 million to $34 million.

Ibotta shares fell 2.1% to close at $74.93 on Wednesday.

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

• Needham analyst Bernie McTernan maintained Ibotta with a Buy and lowered the price target from $100 to $80.
• JMP Securities analyst Andrew Boone maintained Ibotta with a Market Outperform and lowered the price target from $111 to $85.
• UBS analyst Chris Kuntarich downgraded Ibotta from Buy to Neutral and lowered the price target from $90 to $65.
• Wells Fargo analyst Ken Gawrelski maintained Ibotta with an Overweight and lowered the price target from $95 to $86.

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

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