Oppenheimer Lowers IAC (NASDAQ:IAC) Price Target to $55.00

Key Points

• Oppenheimer has downgraded its price target for IAC from $60.00 to $55.00, although it maintains an "outperform" rating, indicating potential upside based on current prices.
• Multiple analysts have reduced their price targets for IAC, with KeyCorp lowering theirs to $49.00 and Barclays to $52.00, while the average consensus price target now stands at $52.92.
• IAC reported a quarterly earnings per share of $2.57, which exceeded expectations but indicated a revenue decline of 7.5% year-over-year.

IAC (NASDAQ:IAC - Free Report) had its price target cut by Oppenheimer from $60.00 to $55.00 in a research note published on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also recently weighed in on IAC. Piper Sandler cut their price objective on shares of IAC from $54.00 to $44.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Citigroup dropped their price target on IAC from $47.55 to $45.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Barclays dropped their price target on shares of IAC from $61.00 to $52.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. KeyCorp dropped their target price on shares of IAC from $64.00 to $49.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, UBS Group decreased their price target on IAC from $54.00 to $38.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, IAC currently has an average rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Stock Down 2.3%

Shares of IAC stock traded down $0.82 during trading on Wednesday, hitting $34.17. 1,591,347 shares of the stock traded hands, compared to its average volume of 1,298,132. The stock's fifty day simple moving average is $38.20 and its 200 day simple moving average is $39.71. IAC has a 52-week low of $32.04 and a 52-week high of $55.40. The firm has a market cap of $2.54 billion, a P/E ratio of -6.34 and a beta of 1.23. The company has a current ratio of 2.87, a quick ratio of 2.70 and a debt-to-equity ratio of 0.29.

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

Hedge Funds Weigh In On IAC

Institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC boosted its position in shares of IAC by 17.1% in the 4th quarter. LPL Financial LLC now owns 5,016 shares of the company's stock worth $216,000 after purchasing an additional 733 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in IAC by 129.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 34,111 shares of the company's stock valued at $1,472,000 after buying an additional 19,216 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of IAC in the fourth quarter valued at approximately $439,000. Aster Capital Management DIFC Ltd boosted its position in shares of IAC by 287.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 616 shares of the company's stock worth $27,000 after buying an additional 457 shares during the period. Finally, Bank of Montreal Can bought a new stake in shares of IAC in the fourth quarter worth $395,000. 88.90% of the stock is owned by 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.