IAC (NASDAQ:IAC) Shares Down 3.3% – Here’s What Happened

Shares of IAC Inc. (NASDAQ:IAC) were down 3.3% during mid-day trading on Tuesday . The stock traded as low as $39.86 and last traded at $40.12. Approximately 146,722 shares were traded during trading, a decline of 75% from the average daily volume of 583,375 shares. The stock had previously closed at $41.49.

Analysts Set New Price Targets

Several brokerages have weighed in on IAC. Benchmark reaffirmed a “buy” rating and set a $110.00 price objective on shares of IAC in a research note on Tuesday, November 12th. Truist Financial dropped their price target on IAC from $88.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. TD Cowen reduced their price objective on IAC from $82.00 to $77.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. Macquarie restated an “outperform” rating and issued a $14.00 target price on shares of IAC in a research note on Thursday, November 14th. Finally, 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. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $67.50.

IAC Trading Down 3.1 %

The business has a 50 day moving average of $46.04 and a 200 day moving average of $49.24. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of -93.46 and a beta of 1.32. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 2.75.

IAC (NASDAQ:IAC) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($2.73). The firm had revenue of $938.70 million during the quarter, compared to analyst estimates 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 was down 15.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.30) earnings per share. As a group, research analysts predict that IAC Inc. will post -3.97 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. grew its position in shares of IAC by 452.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 102,883 shares of the company’s stock valued at $4,438,000 after purchasing an additional 84,259 shares during the period. Fortis Advisors LLC raised its holdings in shares of IAC by 23.3% during the fourth quarter. Fortis Advisors LLC now owns 9,650 shares of the company’s stock worth $416,000 after acquiring an additional 1,825 shares during the period. Franklin Resources Inc. raised its holdings in shares of IAC by 6.7% during the third quarter. Franklin Resources Inc. now owns 10,896 shares of the company’s stock worth $577,000 after acquiring an additional 686 shares during the period. Sanctuary Advisors LLC boosted its stake in IAC by 581.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 98,307 shares of the company’s stock worth $5,291,000 after purchasing an additional 83,878 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in IAC by 15.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 334,267 shares of the company’s stock worth $17,990,000 after purchasing an additional 44,000 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

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.