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

IAC Inc. (NASDAQ:IAC)’s stock price fell 6.6% during trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $50.86 and last traded at $51.49. 89,811 shares were traded during mid-day trading, a decline of 86% from the average session volume of 655,222 shares. The stock had previously closed at $55.10.

The company reported ($2.93) EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $922.62 million. During the same quarter last year, the business posted ($0.30) earnings per share. IAC’s revenue was down 15.5% compared to the same quarter last year.

Wall Street Analyst Weigh In

IAC has been the topic of a number of recent analyst reports. UBS Group raised shares of IAC to a “hold” rating in a research note on Monday, October 28th. Citigroup lowered their target price 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. Truist Financial lowered their target price on shares of IAC from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday. KeyCorp decreased their price target on shares of IAC from $67.00 to $66.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Finally, Benchmark reissued a “buy” rating and set a $110.00 price target on shares of IAC in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $76.60.

Hedge Funds Weigh In On IAC

Institutional investors have recently made changes to their positions in the business. Thompson Siegel & Walmsley LLC raised its stake in IAC by 5.1% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 1,633,452 shares of the company’s stock worth $76,527,000 after acquiring an additional 79,951 shares during the period. Whitebox Advisors LLC grew its holdings in IAC by 9.5% during the 1st quarter. Whitebox Advisors LLC now owns 1,402,554 shares of the company’s stock valued at $74,812,000 after buying an additional 121,664 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in IAC by 5.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 948,112 shares of the company’s stock valued at $51,027,000 after buying an additional 52,271 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in IAC by 113.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 531,296 shares of the company’s stock valued at $24,891,000 after buying an additional 282,304 shares in the last quarter. Finally, WCM Investment Management LLC grew its holdings in IAC by 25.0% during the 3rd quarter. WCM Investment Management LLC now owns 379,556 shares of the company’s stock valued at $20,762,000 after buying an additional 75,918 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

IAC Stock Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.68 and a current ratio of 2.75. The business’s fifty day simple moving average is $52.22 and its 200-day simple moving average is $50.93. The firm has a market capitalization of $3.78 billion, a PE ratio of -110.86 and a beta of 1.33.

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.