Truist Financial Cuts IAC (NASDAQ:IAC) Price Target to $80.00

IAC (NASDAQ:IAC) had its price target reduced by Truist Financial from $88.00 to $80.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other research firms have also commented on IAC. KeyCorp lowered their target price on IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, August 16th. TD Cowen cut their price target on IAC from $82.00 to $77.00 and set a “buy” rating on the stock in a report on Wednesday. UBS Group upgraded IAC to a “hold” rating in a research report on Monday, October 28th. Barclays cut their target price on IAC from $70.00 to $66.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Benchmark reissued a “buy” rating and set a $110.00 price target on shares of IAC in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $70.91.

IAC Stock Performance

Shares of IAC opened at $46.95 on Wednesday. The stock has a market capitalization of $3.78 billion, a PE ratio of -109.18 and a beta of 1.33. The business’s fifty day moving average price is $51.97 and its 200 day moving average price is $50.87. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 2.68. IAC has a 12-month low of $43.51 and a 12-month high of $58.29.

IAC (NASDAQ:IAC) last posted its quarterly earnings results on Monday, November 11th. The company reported ($2.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($2.73). IAC had a negative return on equity of 5.63% and a negative net margin of 0.34%. The business 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) earnings per share. The company’s quarterly revenue was down 15.5% compared to the same quarter last year. Equities research analysts forecast that IAC will post -0.82 EPS for the current year.

Institutional Investors Weigh In On IAC

A number of institutional investors and hedge funds have recently modified their holdings of IAC. Edgestream Partners L.P. purchased a new position in IAC in the 1st quarter worth about $575,000. Louisiana State Employees Retirement System purchased a new position in shares of IAC in the second quarter worth approximately $1,649,000. Highbridge Capital Management LLC raised its holdings in shares of IAC by 70.4% during the second quarter. Highbridge Capital Management LLC now owns 165,329 shares of the company’s stock valued at $7,746,000 after acquiring an additional 68,291 shares during the period. Thompson Siegel & Walmsley LLC lifted its position in shares of IAC by 5.1% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 1,633,452 shares of the company’s stock valued at $76,527,000 after acquiring an additional 79,951 shares in the last quarter. Finally, Swedbank AB acquired a new position in IAC in the 1st quarter worth approximately $11,460,000. 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.