IAC (NASDAQ:IAC) Price Target Cut to $80.00 by Analysts at Truist Financial

IAC (NASDAQ:IAC) had its price objective trimmed by Truist Financial from $88.00 to $80.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on IAC. Barclays dropped their price target on shares of IAC from $70.00 to $66.00 and set an “overweight” rating on the stock in a research report on Wednesday. Benchmark reaffirmed a “buy” rating and set a $110.00 target price on shares of IAC in a research report on Tuesday. TD Cowen lowered their price target on IAC from $82.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday. KeyCorp cut their price objective 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, Citigroup lowered their target price on shares of IAC from $70.00 to $66.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, IAC presently has an average rating of “Moderate Buy” and a consensus price target of $76.60.

IAC Price Performance

Shares of IAC opened at $47.01 on Wednesday. The firm has a market cap of $3.78 billion, a PE ratio of -109.33 and a beta of 1.33. IAC has a 52-week low of $43.51 and a 52-week high of $58.29. The business’s 50 day moving average price is $52.22 and its two-hundred day moving average price is $50.93. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.68 and a current ratio of 2.75.

IAC (NASDAQ:IAC) last posted its quarterly earnings results on Monday, November 11th. The company reported ($2.93) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($2.73). The company 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 company’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same period last year, the firm posted ($0.30) earnings per share. On average, equities analysts anticipate that IAC will post -0.79 EPS for the current year.

Hedge Funds Weigh In On IAC

A number of institutional investors have recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. bought a new stake in IAC in the 1st quarter worth approximately $221,000. QRG Capital Management Inc. raised its position in IAC by 28.4% in the 1st quarter. QRG Capital Management Inc. now owns 25,166 shares of the company’s stock worth $1,342,000 after purchasing an additional 5,571 shares during the period. Russell Investments Group Ltd. lifted its stake in IAC by 29.0% in the first quarter. Russell Investments Group Ltd. now owns 104,889 shares of the company’s stock worth $5,595,000 after purchasing an additional 23,567 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in IAC by 6.1% during 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 buying an additional 5,172 shares during the period. Finally, Edgestream Partners L.P. bought a new position in shares of IAC during the first quarter valued at about $575,000. Institutional investors own 88.90% of the company’s stock.

IAC Company Profile

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.