IAC (NASDAQ:IAC) Announces Quarterly Earnings Results

Key Points

• IAC (NASDAQ:IAC) reported a quarterly earnings per share of $2.57, surpassing the consensus estimate of ($0.30) by $2.87.
• The company’s stock increased by 1.8% following the earnings release, closing at $39.52.
• Analysts have set a range of new price targets for IAC, with an average target price of $54.08 and a majority rating it as a "Moderate Buy."

IAC (NASDAQ:IAC - Get Free Report) announced its earnings results on Monday. The company reported $2.57 EPS for the quarter, topping the consensus estimate of ($0.30) by $2.87, Zacks reports. The business had revenue of $586.93 million during the quarter, compared to analysts' expectations of $601.38 million. IAC had a negative net margin of 14.52% and a negative return on equity of 8.23%. The firm's revenue was down 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.71) earnings per share.

IAC Price Performance

IAC stock traded down $0.78 during trading hours on Friday, reaching $34.21. 720,903 shares of the stock were exchanged, compared to its average volume of 1,093,561. The company has a current ratio of 2.87, a quick ratio of 2.70 and a debt-to-equity ratio of 0.29. The company has a market cap of $2.54 billion, a P/E ratio of -6.35 and a beta of 1.23. The stock has a 50 day moving average of $38.23 and a two-hundred day moving average of $39.78. IAC has a twelve month low of $32.04 and a twelve month high of $55.40.

Hedge Funds Weigh In On IAC

Several large investors have recently bought and sold shares of the company. United Services Automobile Association purchased a new position in shares of IAC during the 1st quarter valued at $207,000. Focus Partners Wealth bought a new position in IAC in the 1st quarter worth $270,000. Empowered Funds LLC grew its position in shares of IAC by 9.8% during the first quarter. Empowered Funds LLC now owns 8,037 shares of the company's stock valued at $369,000 after purchasing an additional 718 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of IAC by 38.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 415,484 shares of the company's stock worth $19,087,000 after acquiring an additional 115,652 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IAC has been the subject of a number of recent research reports. JMP Securities dropped their target price on IAC from $64.00 to $47.00 and set a "market outperform" rating for the company in a research report on Tuesday, June 10th. Citigroup decreased their target price on IAC from $47.55 to $45.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Barclays decreased their price objective on IAC from $61.00 to $52.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. KeyCorp lowered their target price on shares of IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, Oppenheimer reduced their target price on IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $47.92.

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.