IAC (NASDAQ:IAC) Trading Down 6.6% Following Weak Earnings

IAC Inc. (NASDAQ:IAC) shares traded down 6.6% on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $50.86 and last traded at $51.49. 89,811 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 655,222 shares. The stock had previously closed at $55.10.

The company reported ($2.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($2.73). The company had revenue of $938.70 million during the quarter, compared to the consensus estimate of $922.62 million. IAC had a negative return on equity of 5.63% and a negative net margin of 0.34%. The firm’s quarterly revenue was down 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.30) earnings per share.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Benchmark reiterated a “buy” rating and set a $110.00 target price on shares of IAC in a research report on Tuesday. Truist Financial decreased their target price on IAC from $88.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday. TD Cowen decreased their price objective on IAC from $82.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday. Citigroup decreased their price objective on IAC from $70.00 to $66.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, KeyCorp decreased their price objective on IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, IAC currently has an average rating of “Moderate Buy” and an average target price of $76.60.

Institutional Investors Weigh In On IAC

A number of large investors have recently modified their holdings of IAC. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of IAC during the first quarter worth about $221,000. QRG Capital Management Inc. grew its stake in shares of IAC by 28.4% during the first quarter. QRG Capital Management Inc. now owns 25,166 shares of the company’s stock worth $1,342,000 after acquiring an additional 5,571 shares during the last quarter. Russell Investments Group Ltd. boosted its position in IAC by 29.0% in the first quarter. Russell Investments Group Ltd. now owns 104,889 shares of the company’s stock valued at $5,595,000 after buying an additional 23,567 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in IAC by 6.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 89,514 shares of the company’s stock valued at $4,619,000 after buying an additional 5,172 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in IAC in the first quarter valued at approximately $575,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

IAC Trading Down 2.4 %

The stock has a 50-day moving average of $52.22 and a 200 day moving average of $50.93. The stock has a market cap of $3.78 billion, a PE ratio of -110.86 and a beta of 1.33. The company has a quick ratio of 2.68, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.

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.