Oppenheimer Has Lowered Expectations for IAC (NASDAQ:IAC) Stock Price

IAC (NASDAQ:IAC) had its price objective dropped by stock analysts at Oppenheimer from $72.00 to $70.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target points to a potential upside of 50.47% from the stock’s current price.

Several other brokerages also recently commented on IAC. Citigroup upped their price target on shares of IAC from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, January 31st. JMP Securities reduced their target price on IAC from $70.00 to $64.00 and set a “market outperform” rating for the company in a report on Thursday. Truist Financial lowered their price target on IAC from $80.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday. UBS Group reduced their price objective on IAC from $55.00 to $54.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, KeyCorp lowered their target price on IAC from $66.00 to $60.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $64.33.

IAC Price Performance

NASDAQ:IAC traded up $3.13 during trading hours on Thursday, reaching $46.52. 684,037 shares of the company’s stock were exchanged, compared to its average volume of 741,748. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $3.74 billion, a P/E ratio of -108.18 and a beta of 1.32. IAC has a 12 month low of $39.61 and a 12 month high of $58.29. The business’s 50-day simple moving average is $43.10 and its two-hundred day simple moving average is $48.21.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC boosted its stake in shares of IAC by 581.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 98,307 shares of the company’s stock worth $5,291,000 after acquiring an additional 83,878 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in IAC by 5.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 948,112 shares of the company’s stock worth $51,027,000 after purchasing an additional 52,271 shares during the period. Royce & Associates LP raised its position in shares of IAC by 5.1% in the third quarter. Royce & Associates LP now owns 278,679 shares of the company’s stock valued at $14,999,000 after purchasing an additional 13,400 shares during the period. Teachers Retirement System of The State of Kentucky raised its position in shares of IAC by 15.2% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 334,267 shares of the company’s stock valued at $17,990,000 after purchasing an additional 44,000 shares during the period. Finally, Barclays PLC lifted its stake in shares of IAC by 922.5% in the third quarter. Barclays PLC now owns 60,737 shares of the company’s stock worth $3,268,000 after buying an additional 54,797 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

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.