Citigroup Issues Pessimistic Forecast for IAC (NASDAQ:IAC) Stock Price

IAC (NASDAQ:IAC) had its price objective cut by equities researchers at Citigroup from $60.00 to $56.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 31.42% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Piper Sandler lowered IAC from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $68.00 to $54.00 in a research report on Tuesday, December 10th. UBS Group raised shares of IAC to a “hold” rating in a report on Monday, October 28th. TD Cowen cut their price target on shares of IAC from $82.00 to $77.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Benchmark restated a “buy” rating and issued a $110.00 price objective on shares of IAC in a report on Tuesday, November 12th. Finally, Truist Financial lowered their price objective 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.50.

IAC Price Performance

Shares of NASDAQ IAC opened at $42.61 on Friday. The company has a 50 day simple moving average of $47.15 and a two-hundred day simple moving average of $49.42. IAC has a fifty-two week low of $41.08 and a fifty-two week high of $58.29. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of -99.09 and a beta of 1.31. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.75 and a current ratio of 2.75.

IAC (NASDAQ:IAC) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($2.93) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm’s quarterly revenue was down 15.5% on a year-over-year basis. During the same period last year, the business earned ($0.30) EPS. Analysts expect that IAC will post -3.97 EPS for the current fiscal year.

Institutional Investors Weigh In On IAC

Several hedge funds and other institutional investors have recently made changes to their positions in IAC. International Assets Investment Management LLC bought a new stake in shares of IAC during the 2nd quarter valued at $39,000. GAMMA Investing LLC increased 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 buying an additional 492 shares in the last quarter. Quarry LP raised its stake in shares of IAC by 408.9% in the third quarter. Quarry LP now owns 977 shares of the company’s stock worth $53,000 after buying an additional 785 shares during the period. Evergreen Capital Management LLC purchased a new position in shares of IAC during the 2nd quarter valued at about $208,000. Finally, Clear Harbor Asset Management LLC bought a new position in shares of IAC during the 3rd quarter valued at approximately $208,000. 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.