Citigroup Issues Pessimistic Forecast for IAC (NASDAQ:IAC) Stock Price

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

Other research analysts also recently issued research reports about the company. JMP Securities restated a “market outperform” rating and set a $70.00 price target on shares of IAC in a report on Monday, December 16th. KeyCorp decreased their price objective on shares of IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Benchmark reaffirmed a “buy” rating and issued a $110.00 target price on shares of IAC in a research report on Tuesday, November 12th. Macquarie reiterated an “outperform” rating and set a $14.00 price target on shares of IAC in a research report on Thursday, November 14th. Finally, Piper Sandler cut IAC from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $68.00 to $54.00 in a research report on Tuesday, December 10th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, IAC currently has a consensus rating of “Moderate Buy” and an average price target of $67.50.

IAC Trading Up 1.5 %

NASDAQ IAC opened at $43.27 on Friday. The firm has a market cap of $3.48 billion, a PE ratio of -100.63 and a beta of 1.31. IAC has a 1-year low of $41.08 and a 1-year high of $58.29. The stock has a 50-day moving average of $47.15 and a 200-day moving average of $49.42. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.30.

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

Institutional Investors Weigh In On IAC

Several hedge funds have recently added to or reduced their stakes in IAC. Greenwich Wealth Management LLC increased its holdings in shares of IAC by 3.0% during the second quarter. Greenwich Wealth Management LLC now owns 9,635 shares of the company’s stock valued at $451,000 after acquiring an additional 284 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of IAC by 2.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 15,475 shares of the company’s stock worth $833,000 after purchasing an additional 405 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of IAC by 1.6% in the third quarter. Victory Capital Management Inc. now owns 31,686 shares of the company’s stock worth $1,705,000 after purchasing an additional 490 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of IAC by 98.8% in the third quarter. GAMMA Investing LLC now owns 990 shares of the company’s stock worth $53,000 after purchasing an additional 492 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of IAC by 3.1% during the second quarter. The Manufacturers Life Insurance Company now owns 18,561 shares of the company’s stock valued at $870,000 after purchasing an additional 553 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

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.