IAC (NASDAQ:IAC) Shares Gap Up – Here’s Why

IAC Inc. (NASDAQ:IAC) gapped up prior to trading on Wednesday . The stock had previously closed at $41.00, but opened at $42.60. IAC shares last traded at $43.54, with a volume of 459,624 shares.

Analyst Ratings Changes

IAC has been the topic of several recent research reports. Barclays cut their price target on IAC from $70.00 to $66.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. JMP Securities restated a “market outperform” rating and issued a $70.00 target price on shares of IAC in a research report on Monday, December 16th. KeyCorp lowered their target price on IAC from $66.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Piper Sandler cut IAC from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $68.00 to $54.00 in a research report on Tuesday, December 10th. Finally, Truist Financial lowered their target price on IAC from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $67.67.

IAC Stock Up 5.2 %

The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of -100.35 and a beta of 1.32. The stock has a fifty day moving average of $43.18 and a 200-day moving average of $48.25.

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 analysts’ consensus estimates of ($0.20) by ($2.73). The company had revenue of $938.70 million during the quarter, compared to analyst estimates of $922.62 million. IAC had a negative return on equity of 5.63% and a negative net margin of 0.34%. The business’s revenue was down 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.30) earnings per share. As a group, sell-side analysts expect that IAC Inc. will post -3.97 EPS for the current year.

Institutional Trading of IAC

Several hedge funds and other institutional investors have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership boosted its position in IAC by 129.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 34,111 shares of the company’s stock valued at $1,472,000 after purchasing an additional 19,216 shares during the last quarter. Highbridge Capital Management LLC boosted its position in IAC by 223.5% during the fourth quarter. Highbridge Capital Management LLC now owns 351,681 shares of the company’s stock valued at $15,172,000 after purchasing an additional 242,982 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in IAC during the fourth quarter valued at $289,000. Norges Bank acquired a new stake in IAC during the fourth quarter valued at $38,817,000. Finally, EntryPoint Capital LLC boosted its position in IAC by 62.4% during the fourth quarter. EntryPoint Capital LLC now owns 6,225 shares of the company’s stock valued at $269,000 after purchasing an additional 2,393 shares during the last quarter. Institutional investors and hedge funds 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.