IAC (NASDAQ:IAC) Cut to “Neutral” at Piper Sandler

Piper Sandler cut shares of IAC (NASDAQ:IAC) from an overweight rating to a neutral rating in a research report report published on Tuesday morning, Marketbeat reports. They currently have $54.00 target price on the stock, down from their previous target price of $68.00.

Several other equities analysts have also issued reports on IAC. TD Cowen decreased their price target on shares of IAC from $82.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. UBS Group raised shares of IAC to a “hold” rating in a report on Monday, October 28th. Macquarie reissued an “outperform” rating and issued a $14.00 price target on shares of IAC in a report on Thursday, November 14th. Truist Financial decreased their price target on shares of IAC from $88.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Finally, KeyCorp cut their price objective on shares of IAC from $66.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $69.00.

IAC Price Performance

IAC opened at $46.24 on Tuesday. The company has a fifty day moving average price of $50.12 and a two-hundred day moving average price of $50.09. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.75 and a current ratio of 2.75. IAC has a 52 week low of $43.51 and a 52 week high of $58.29. The firm has a market capitalization of $3.72 billion, a PE ratio of -107.53 and a beta of 1.31.

IAC (NASDAQ:IAC) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.93) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($2.73). IAC had a negative net margin of 0.34% and a negative return on equity of 5.63%. The firm had revenue of $938.70 million during the quarter, compared to analyst estimates of $922.62 million. During the same period last year, the firm earned ($0.30) EPS. IAC’s quarterly revenue was down 15.5% on a year-over-year basis. As a group, analysts anticipate that IAC will post -3.97 earnings per share for the current year.

Institutional Investors Weigh In On IAC

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Comerica Bank raised its holdings in shares of IAC by 52.7% in the 1st quarter. Comerica Bank now owns 10,929 shares of the company’s stock valued at $583,000 after purchasing an additional 3,772 shares during the period. CWM LLC raised its holdings in shares of IAC by 55.6% in the 2nd quarter. CWM LLC now owns 1,142 shares of the company’s stock valued at $54,000 after purchasing an additional 408 shares during the period. SG Americas Securities LLC bought a new stake in shares of IAC in the 2nd quarter valued at about $312,000. 1620 Investment Advisors Inc. bought a new stake in shares of IAC in the 2nd quarter valued at about $60,000. Finally, Louisiana State Employees Retirement System bought a new stake in shares of IAC in the 2nd quarter valued at about $1,649,000. 88.90% of the stock is owned by institutional investors.

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.