Ibotta Shares Reach 21-Month High as Q3 Revenue Grows 17%

Ibotta, Inc. shares climbed to a 21-month high on Tuesday, Nov. 3, as the company’s third-quarter revenue increased 17% and its platform reached a record number of redeemers.

Ibotta had 23.6 million redeemers, up 30%, while redemption revenue increased 23%. Its third-party publisher network expanded 43%, and publishers made up 72% of revenue, compared with 59% a year earlier.

Goldman Sachs removed its Sell rating on Ibotta. The outlook was mixed. One analyst considered the nearly 30% share rally unwarranted, while noting that faster revenue growth, adjusted margin expansion and comments on growth may have drawn investor interest.