IAC (NASDAQ:IAC) Trading Down 6.6% After Earnings Miss

Shares of IAC Inc. (NASDAQ:IAC) were down 6.6% on Tuesday following a dissappointing earnings announcement. The stock traded as low as $50.86 and last traded at $51.49. Approximately 89,811 shares traded hands during trading, a decline of 86% from the average daily volume of 655,222 shares. The stock had previously closed at $55.10.

The company reported ($2.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($2.73). IAC had a negative net margin of 3.95% and a negative return on equity of 2.35%. The company had revenue of $938.70 million for the quarter, compared to the consensus estimate of $922.62 million. During the same period in the previous year, the firm posted ($0.30) EPS. The company’s revenue for the quarter was down 15.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

IAC has been the subject of several recent research reports. KeyCorp lowered their price objective on IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Citigroup dropped their price objective on shares of IAC from $70.00 to $66.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Barclays lowered their target price on shares of IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. UBS Group upgraded IAC to a “hold” rating in a research note on Monday, October 28th. Finally, Truist Financial lifted their price objective on IAC from $87.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.89.

Hedge Funds Weigh In On IAC

Several hedge funds and other institutional investors have recently bought and sold shares of IAC. Envestnet Portfolio Solutions Inc. bought a new position in IAC during the first quarter valued at approximately $221,000. Headlands Technologies LLC grew its holdings in shares of IAC by 106.2% in the first quarter. Headlands Technologies LLC now owns 3,501 shares of the company’s stock worth $187,000 after acquiring an additional 1,803 shares during the period. QRG Capital Management Inc. grew its holdings in shares of IAC by 28.4% in the first quarter. QRG Capital Management Inc. now owns 25,166 shares of the company’s stock worth $1,342,000 after acquiring an additional 5,571 shares during the period. Russell Investments Group Ltd. increased its position in IAC by 29.0% during the first quarter. Russell Investments Group Ltd. now owns 104,889 shares of the company’s stock valued at $5,595,000 after acquiring an additional 23,567 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in IAC by 6.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 89,514 shares of the company’s stock valued at $4,619,000 after acquiring an additional 5,172 shares during the period. Institutional investors own 88.90% of the company’s stock.

IAC Price Performance

The firm has a market capitalization of $3.87 billion, a PE ratio of -22.50 and a beta of 1.33. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.68 and a quick ratio of 2.68. The firm has a 50-day simple moving average of $52.28 and a 200-day simple moving average of $50.94.

About IAC

IAC Inc, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle.