IAC (NASDAQ:IAC) Shares Down 6.6% Following Weak Earnings

Shares of IAC Inc. (NASDAQ:IAC) dropped 6.6% during trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $50.86 and last traded at $51.49. Approximately 89,811 shares changed hands during mid-day 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 (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($2.73). The company had revenue of $938.70 million for the quarter, compared to analyst estimates of $922.62 million. IAC had a negative return on equity of 2.35% and a negative net margin of 3.95%. The company’s revenue was down 15.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.30) earnings per share.

Analyst Upgrades and Downgrades

IAC has been the subject of several research reports. Benchmark restated a “buy” rating and set a $110.00 price objective on shares of IAC in a research report on Tuesday. Citigroup cut their price objective on shares of IAC from $70.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Barclays lowered their target price on shares of IAC from $73.00 to $70.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. KeyCorp lowered their target price on shares of IAC from $67.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Finally, Truist Financial raised their target price on shares of IAC from $87.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.89.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. acquired a new stake in IAC in the first quarter valued at approximately $221,000. Oppenheimer Asset Management Inc. boosted its position in IAC by 6.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 24,853 shares of the company’s stock valued at $1,326,000 after buying an additional 1,546 shares in the last quarter. Headlands Technologies LLC boosted its position in IAC by 106.2% in the first quarter. Headlands Technologies LLC now owns 3,501 shares of the company’s stock valued at $187,000 after buying an additional 1,803 shares in the last quarter. QRG Capital Management Inc. boosted its position in IAC by 28.4% in the first quarter. QRG Capital Management Inc. now owns 25,166 shares of the company’s stock valued at $1,342,000 after buying an additional 5,571 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in IAC by 29.0% in the first quarter. Russell Investments Group Ltd. now owns 104,889 shares of the company’s stock valued at $5,595,000 after buying an additional 23,567 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

IAC Price Performance

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 stock has a market cap of $4.01 billion, a price-to-earnings ratio of -22.50 and a beta of 1.33. The business’s 50-day simple moving average is $52.28 and its two-hundred day simple moving average is $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.