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

IAC Inc. (NASDAQ:IAC)’s share price fell 3.3% during mid-day trading on Tuesday . The stock traded as low as $39.86 and last traded at $40.12. 146,722 shares traded hands during trading, a decline of 75% from the average session volume of 583,375 shares. The stock had previously closed at $41.49.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IAC. UBS Group upgraded IAC to a “hold” rating in a report on Monday, October 28th. Macquarie restated an “outperform” rating and set a $14.00 price target on shares of IAC in a research note on Thursday, November 14th. KeyCorp reduced their price objective on shares of IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Barclays lowered their target price on shares of IAC from $70.00 to $66.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 13th. Finally, Piper Sandler lowered IAC from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $68.00 to $54.00 in a report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $67.50.

IAC Trading Down 3.1 %

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

IAC (NASDAQ:IAC) last released its earnings results on Tuesday, November 12th. The company reported ($2.93) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $938.70 million during the quarter, compared to the consensus estimate of $922.62 million. During the same quarter in the previous year, the business posted ($0.30) EPS. The firm’s quarterly revenue was down 15.5% on a year-over-year basis. On average, research analysts forecast that IAC Inc. will post -3.97 EPS for the current fiscal year.

Hedge Funds Weigh In On IAC

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in 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 in the last quarter. Quarry LP raised its holdings in shares of IAC by 408.9% in the 3rd quarter. Quarry LP now owns 977 shares of the company’s stock worth $53,000 after buying an additional 785 shares in the last quarter. Evergreen Capital Management LLC bought a new position in shares of IAC during the 2nd quarter worth approximately $208,000. Clear Harbor Asset Management LLC bought a new stake in IAC in the third quarter valued at $208,000. Finally, NJ State Employees Deferred Compensation Plan acquired a new position in IAC during the third quarter worth $209,000. 88.90% of the stock is owned by institutional investors.

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.