Truist Financial Issues Pessimistic Forecast for IAC (NASDAQ:IAC) Stock Price

IAC (NASDAQ:IAC) had its price target cut by research analysts at Truist Financial from $88.00 to $80.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 68.42% from the stock’s current price.

Several other research analysts have also recently issued reports on the stock. Barclays cut their target price on shares of IAC from $70.00 to $66.00 and set an “overweight” rating on the stock in a report on Wednesday. TD Cowen cut their target price on shares of IAC from $82.00 to $77.00 and set a “buy” rating on the stock in a report on Wednesday. UBS Group upgraded shares of IAC to a “hold” rating in a report on Monday, October 28th. Citigroup dropped their price target on IAC from $70.00 to $66.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, KeyCorp dropped their price target on IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $76.60.

IAC Stock Performance

NASDAQ IAC traded down $0.68 during trading on Wednesday, hitting $47.50. 283,946 shares of the company’s stock traded hands, compared to its average volume of 661,537. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of -110.86 and a beta of 1.33. IAC has a 12-month low of $43.51 and a 12-month high of $58.29. 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 has a 50 day moving average of $52.22 and a 200-day moving average of $50.93.

IAC (NASDAQ:IAC) last released its quarterly earnings data on Monday, November 11th. The company reported ($2.93) EPS for the quarter, missing the consensus estimate of ($0.20) by ($2.73). The business had revenue of $938.70 million for the quarter, compared to analysts’ expectations of $922.62 million. IAC had a negative net margin of 0.34% and a negative return on equity of 5.63%. IAC’s revenue for the quarter was down 15.5% compared to the same quarter last year. During the same period last year, the company earned ($0.30) earnings per share. As a group, equities research analysts anticipate that IAC will post -0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAC

Several large investors have recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. bought a new stake in IAC in the 1st quarter worth about $221,000. QRG Capital Management Inc. lifted its holdings 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 in the last quarter. Russell Investments Group Ltd. lifted its holdings in IAC by 29.0% in the 1st 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 in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in IAC by 6.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 89,514 shares of the company’s stock worth $4,619,000 after purchasing an additional 5,172 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new position in IAC in the 1st quarter worth approximately $575,000. Hedge funds and other 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.