Citigroup Cuts IAC (NASDAQ:IAC) Price Target to $56.00

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

Several other research firms also recently weighed in on IAC. JMP Securities reissued a “market outperform” rating and set a $70.00 target price on shares of IAC in a research report on Monday, December 16th. Macquarie reaffirmed an “outperform” rating and issued a $14.00 price objective on shares of IAC in a research report on Thursday, November 14th. UBS Group raised IAC to a “hold” rating in a research report on Monday, October 28th. TD Cowen cut their price objective on IAC from $82.00 to $77.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Finally, Piper Sandler downgraded 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 investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, IAC currently has an average rating of “Moderate Buy” and a consensus price target of $67.50.

IAC Stock Performance

NASDAQ IAC opened at $43.27 on Friday. The company has a market cap of $3.48 billion, a P/E ratio of -100.63 and a beta of 1.32. 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 business’s 50 day moving average price is $46.99 and its 200-day moving average price is $49.41. IAC has a fifty-two week low of $41.08 and a fifty-two week high of $58.29.

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). The company had revenue of $938.70 million for the quarter, compared to the consensus estimate 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 for the quarter was down 15.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.30) EPS. Sell-side analysts predict that IAC will post -3.97 earnings per share for the current year.

Institutional Investors Weigh In On IAC

Several hedge funds have recently made changes to their positions in IAC. International Assets Investment Management LLC purchased a new stake in shares of IAC during the 2nd quarter worth $39,000. Commonwealth Equity Services LLC lifted its stake in shares of IAC by 25.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 14,212 shares of the company’s stock worth $666,000 after purchasing an additional 2,845 shares during the last quarter. Natixis Advisors LLC lifted its stake in shares of IAC by 4.2% during the 2nd quarter. Natixis Advisors LLC now owns 81,901 shares of the company’s stock worth $3,837,000 after purchasing an additional 3,264 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in shares of IAC during the 2nd quarter worth $241,000. Finally, Rhumbline Advisers lifted its stake in shares of IAC by 123.1% during the 2nd quarter. Rhumbline Advisers now owns 176,456 shares of the company’s stock worth $8,267,000 after purchasing an additional 97,378 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other 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.