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

IAC (NASDAQ:IAC) had its price target cut by investment analysts at Citigroup from $60.00 to $56.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 29.42% from the company’s current price.

Several other brokerages also recently weighed in on IAC. JMP Securities reaffirmed a “market outperform” rating and set a $70.00 target price on shares of IAC in a research note on Monday, December 16th. Piper Sandler cut shares of 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 note on Tuesday, December 10th. Barclays decreased their target price on shares of IAC from $70.00 to $66.00 and set an “overweight” rating for the company in a research report on Wednesday, November 13th. TD Cowen dropped their price target on shares of IAC from $82.00 to $77.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Finally, UBS Group upgraded shares of IAC to a “hold” rating in a report on Monday, October 28th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, IAC presently has an average rating of “Moderate Buy” and a consensus target price of $67.50.

IAC Stock Performance

Shares of IAC opened at $43.27 on Friday. The company has a market cap of $3.48 billion, a price-to-earnings ratio of -100.63 and a beta of 1.32. The firm has a fifty day moving average of $46.99 and a 200-day moving average of $49.39. IAC has a 1 year low of $41.08 and a 1 year high of $58.29. 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 announced its quarterly earnings results on Tuesday, November 12th. The company reported ($2.93) EPS for the quarter, missing the consensus estimate of ($0.20) by ($2.73). The firm had revenue of $938.70 million during the quarter, compared to analyst estimates of $922.62 million. IAC had a negative net margin of 0.34% and a negative return on equity of 5.63%. IAC’s revenue for the quarter was down 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.30) EPS. As a group, equities analysts anticipate that IAC will post -3.97 earnings per share for the current year.

Hedge Funds Weigh In On IAC

A number of hedge funds and other institutional investors have recently modified their holdings of IAC. International Assets Investment Management LLC purchased a new position in shares of IAC during the 2nd quarter valued at $39,000. GAMMA Investing LLC lifted its position in shares of 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 during the last quarter. Quarry LP boosted its stake in shares of IAC by 408.9% during the 3rd quarter. Quarry LP now owns 977 shares of the company’s stock worth $53,000 after acquiring an additional 785 shares in the last quarter. Evergreen Capital Management LLC bought a new stake in shares of IAC during the 2nd quarter worth about $208,000. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of IAC during the 3rd quarter valued at about $208,000. Institutional investors and hedge funds 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.