IAC (NASDAQ:IAC) Price Target Lowered to $60.00 at Benchmark

Key Points

• Benchmark has reduced its price target for IAC from $63.00 to $60.00, maintaining a "buy" rating, which indicates a potential upside of 75.55% from the last close.
• Other analysts have also issued lower price targets for IAC, with Oppenheimer setting it at $55.00 and JMP Securities at $47.00, amidst a general decline in stock performance.
• IAC's stock has recently traded at $34.18, reflecting a 0.6% decrease, while it has shown a negative quarterly revenue drop of 7.5% compared to the previous year.

IAC (NASDAQ:IAC - Get Free Report) had its price target cut by investment analysts at Benchmark from $63.00 to $60.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Benchmark's target price indicates a potential upside of 75.59% from the company's previous close.

Several other equities research analysts have also recently commented on IAC. Barclays dropped their target price on IAC from $61.00 to $52.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Piper Sandler dropped their target price on IAC from $54.00 to $44.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. JMP Securities dropped their target price on IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a report on Tuesday, June 10th. Citigroup dropped their target price on IAC from $47.55 to $45.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Finally, KeyCorp dropped their target price on IAC from $49.00 to $45.00 and set an "overweight" rating on the stock in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, IAC currently has a consensus rating of "Moderate Buy" and an average target price of $47.92.

IAC Stock Performance

Shares of NASDAQ IAC traded down $0.82 during midday trading on Wednesday, hitting $34.17. 1,591,347 shares of the company's stock were exchanged, compared to its average volume of 1,340,562. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.87 and a current ratio of 2.87. The stock's 50 day moving average price is $38.20 and its 200-day moving average price is $39.71. IAC has a twelve month low of $32.04 and a twelve month high of $55.40.

IAC (NASDAQ:IAC - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $2.57 EPS for the quarter, topping the consensus estimate of ($0.30) by $2.87. IAC had a negative return on equity of 8.23% and a negative net margin of 14.52%. The firm had revenue of $586.93 million for the quarter, compared to analysts' expectations of $601.38 million. During the same quarter in the previous year, the company earned ($1.71) earnings per share. The firm's quarterly revenue was down 7.5% compared to the same quarter last year. As a group, equities analysts anticipate that IAC will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAC

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd grew its position in IAC by 287.4% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 616 shares of the company's stock worth $27,000 after purchasing an additional 457 shares in the last quarter. TD Private Client Wealth LLC grew its position in IAC by 282.2% during the 1st quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock worth $27,000 after purchasing an additional 429 shares in the last quarter. Parallel Advisors LLC grew its position in IAC by 1,422.0% during the 1st quarter. Parallel Advisors LLC now owns 624 shares of the company's stock worth $29,000 after purchasing an additional 583 shares in the last quarter. Fifth Third Bancorp grew its position in IAC by 426.1% during the 1st quarter. Fifth Third Bancorp now owns 626 shares of the company's stock worth $29,000 after purchasing an additional 507 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in IAC by 118.6% during the 1st quarter. Versant Capital Management Inc now owns 680 shares of the company's stock worth $31,000 after purchasing an additional 369 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

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.