IAC (NASDAQ:IAC) Sets New 52-Week High - What's Next?

Key Points

• IAC hit a new 52-week high, trading as high as $44.48 (last at $44.3160) on heavy volume, with a market cap of about $3.16 billion.
• Analyst sentiment is broadly positive with a consensus rating of “Moderate Buy” and a $47.62 average price target (10 Buys, 4 Holds, 1 Sell), including Citigroup raising its target to $44.
• Underlying fundamentals remain weak: IAC reported Q4 EPS of -$0.99 versus a $0.67 estimate and revenue down 34.7% year-over-year, with negative net margin and ROE despite the share-price rally.

IAC Inc. (NASDAQ:IAC - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $44.48 and last traded at $44.3160, with a volume of 1331616 shares. The stock had previously closed at $44.36.

Analyst Upgrades and Downgrades

IAC has been the subject of a number of recent research reports. Citigroup raised their target price on shares of IAC from $38.00 to $44.00 and gave the company a "buy" rating in a report on Tuesday, February 10th. UBS Group reaffirmed a "neutral" rating and set a $42.00 price target on shares of IAC in a research note on Friday, February 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of IAC in a research note on Thursday, January 22nd. Zacks Research upgraded shares of IAC from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 11th. Finally, Benchmark restated a "buy" rating on shares of IAC in a research report on Tuesday, March 3rd. Ten investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, IAC currently has an average rating of "Moderate Buy" and a consensus price target of $47.62.

IAC Trading Up 0.0%

The stock has a fifty day moving average of $38.38 and a 200-day moving average of $36.92. The company has a market cap of $3.16 billion, a PE ratio of -33.44 and a beta of 1.06. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.75 and a current ratio of 2.75.

IAC (NASDAQ:IAC - Get Free Report) last released its earnings results on Tuesday, February 3rd. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of $0.67 by ($1.66). The business had revenue of $645.98 million for the quarter, compared to the consensus estimate of $641.01 million. IAC had a negative return on equity of 2.43% and a negative net margin of 4.35%.The firm's revenue for the quarter was down 34.7% compared to the same quarter last year. During the same quarter last year, the business posted ($2.39) earnings per share. Sell-side analysts anticipate that IAC Inc. will post 0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On IAC

Large investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can raised its stake in shares of IAC by 42,721.4% during the fourth quarter. Bank of Montreal Can now owns 3,128,104 shares of the company's stock valued at $122,309,000 after acquiring an additional 3,120,799 shares in the last quarter. Aristeia Capital L.L.C. grew its stake in IAC by 100.7% in the fourth quarter. Aristeia Capital L.L.C. now owns 5,702,459 shares of the company's stock worth $222,966,000 after purchasing an additional 2,861,871 shares in the last quarter. Boston Partners bought a new position in IAC in the fourth quarter worth approximately $29,114,000. Empyrean Capital Partners LP purchased a new position in IAC during the 4th quarter worth $26,471,000. Finally, Corvex Management LP increased its holdings in IAC by 20.3% during the 4th quarter. Corvex Management LP now owns 3,355,075 shares of the company's stock worth $131,183,000 after purchasing an additional 566,696 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

About IAC

IAC NASDAQ: IAC is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company's operations span North America and parts of Europe, where its brands reach millions of visitors each month.

In the digital publishing space, IAC's Dotdash Meredith division develops original content and data‐driven journalism across more than a dozen specialty sites.

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