KeyCorp Lowers IAC (NASDAQ:IAC) Price Target to $45.00

Key Points

• KeyCorp has lowered its target price for IAC's stock from $49.00 to $45.00, while maintaining an "overweight" rating which indicates a potential upside of approximately 32.17% from the stock's previous close.
• Other analysts have also adjusted their price targets, with Piper Sandler reducing theirs to $44.00 and Truist Financial to $57.00, reflecting a general trend of caution towards IAC's stock.
• IAC recently reported an earnings beat with an EPS of $2.57, significantly exceeding analysts' expectations, yet its revenue fell 7.5% year-over-year, indicating ongoing challenges.

IAC (NASDAQ:IAC - Get Free Report) had its target price decreased by equities researchers at KeyCorp from $49.00 to $45.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. KeyCorp's price target suggests a potential upside of 31.69% from the stock's previous close.

Several other brokerages have also recently weighed in on IAC. Truist Financial reduced their price target on shares of IAC from $61.00 to $57.00 and set a "buy" rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of IAC from $60.00 to $45.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Citigroup lowered their price target on shares of IAC from $47.55 to $45.00 and set a "buy" rating for the company in a report on Friday, April 25th. The Goldman Sachs Group decreased their price target on IAC from $60.00 to $46.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, Oppenheimer dropped their price objective on shares of IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, IAC presently has a consensus rating of "Moderate Buy" and an average price target of $47.92.

IAC Price Performance

NASDAQ IAC traded down $0.82 on Wednesday, reaching $34.17. The company had a trading volume of 1,591,347 shares, compared to its average volume of 1,298,132. The stock has a market capitalization of $2.54 billion, a PE ratio of -6.34 and a beta of 1.23. IAC has a 12 month low of $32.04 and a 12 month high of $55.40. The company has a quick ratio of 2.70, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. The firm's 50 day moving average price is $38.20 and its 200 day moving average price is $39.71.

IAC (NASDAQ:IAC - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, beating 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 business had revenue of $586.93 million during the quarter, compared to analysts' expectations of $601.38 million. During the same quarter last year, the business posted ($1.71) EPS. The firm's revenue for the quarter was down 7.5% compared to the same quarter last year. As a group, equities analysts predict that IAC will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On IAC

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TD Private Client Wealth LLC boosted its stake in shares of IAC by 282.2% in the first quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock valued at $27,000 after purchasing an additional 429 shares during the period. Aster Capital Management DIFC Ltd grew its position in shares of IAC by 287.4% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 616 shares of the company's stock valued at $27,000 after buying an additional 457 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of IAC by 1,422.0% in the 1st quarter. Parallel Advisors LLC now owns 624 shares of the company's stock valued at $29,000 after purchasing an additional 583 shares during the period. Fifth Third Bancorp increased its position in IAC by 426.1% during the first quarter. Fifth Third Bancorp now owns 626 shares of the company's stock worth $29,000 after buying an additional 507 shares during the period. Finally, Versant Capital Management Inc boosted its stake 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 during the period. 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.