IAC (NASDAQ:IAC) Given New $56.00 Price Target at Citigroup

IAC (NASDAQ:IAC) had its price target lowered by Citigroup from $60.00 to $56.00 in a research note released on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

IAC has been the subject of a number of other reports. KeyCorp cut their price target on IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. TD Cowen cut their target price on IAC from $82.00 to $77.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. JMP Securities reiterated a “market outperform” rating and set a $70.00 price target on shares of IAC in a research report on Monday, December 16th. Piper Sandler downgraded shares of IAC from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $68.00 to $54.00 in a report on Tuesday, December 10th. Finally, Truist Financial reduced their price objective on shares of IAC from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $67.50.

IAC Trading Up 1.5 %

Shares of IAC stock opened at $43.27 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.75 and a current ratio of 2.75. The stock has a market capitalization of $3.48 billion, a P/E ratio of -100.63 and a beta of 1.31. IAC has a 52-week low of $41.08 and a 52-week high of $58.29. The stock’s 50-day simple moving average is $47.15 and its 200 day simple moving average is $49.42.

IAC (NASDAQ:IAC) last posted 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). The business had revenue of $938.70 million during the quarter, compared to the consensus estimate of $922.62 million. IAC had a negative net margin of 0.34% and a negative return on equity of 5.63%. The business’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same period last year, the firm earned ($0.30) EPS. As a group, research analysts anticipate that IAC will post -3.97 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DME Capital Management LP purchased a new stake in IAC during the second quarter valued at about $13,655,000. Public Sector Pension Investment Board purchased a new position in shares of IAC during the 2nd quarter valued at about $7,200,000. Marshall Wace LLP bought a new stake in IAC in the 2nd quarter worth approximately $5,644,000. Rhumbline Advisers boosted its stake in IAC by 123.1% in the second quarter. Rhumbline Advisers now owns 176,456 shares of the company’s stock worth $8,267,000 after buying an additional 97,378 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new position in IAC during the second quarter valued at approximately $3,945,000. 88.90% of the stock is currently owned by hedge funds and other 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.