Truist Financial Cuts IAC (NASDAQ:IAC) Price Target to $57.00

Key Points

• Truist Financial has lowered its target price for IAC stock from $61.00 to $57.00, maintaining a "buy" rating, which indicates a potential upside of 65.79% from the last close.
• Shares of IAC have experienced a 13.0% decline, trading at $34.38, with a consensus rating of "Moderate Buy" and an average price target of $51.46 among analysts.
• In its latest earnings report, IAC posted $2.57 EPS, significantly beating the consensus estimate, but revenues fell 7.5% year-over-year.

IAC (NASDAQ:IAC - Get Free Report) had its price target dropped by investment analysts at Truist Financial from $61.00 to $57.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target suggests a potential upside of 66.81% from the company's current price.

IAC has been the subject of several other research reports. UBS Group reduced their target price on shares of IAC from $54.00 to $38.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Cowen reissued a "buy" rating on shares of IAC in a research note on Monday, May 5th. The Goldman Sachs Group cut their price target on shares of IAC from $60.00 to $46.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Piper Sandler lowered their price objective on shares of IAC from $54.00 to $44.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lowered their price target on shares of IAC from $60.00 to $45.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, IAC has an average rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Stock Down 2.3%

Shares of IAC traded down $0.82 during trading hours on Wednesday, reaching $34.17. 1,591,347 shares of the stock traded hands, compared to its average volume of 1,298,132. 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 stock has a fifty day simple moving average of $38.20 and a 200 day simple moving average of $39.72. IAC has a 52 week low of $32.04 and a 52 week high of $55.40. The company has a market cap of $2.54 billion, a price-to-earnings ratio of -6.34 and a beta of 1.23.

IAC (NASDAQ:IAC - Get Free Report) last announced 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 net margin of 14.52% and a negative return on equity of 8.23%. The company's revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.71) earnings per share. On average, equities analysts forecast that IAC will post 0.43 EPS for the current year.

Institutional Trading of IAC

A number of hedge funds and other institutional investors have recently modified their holdings of IAC. 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 valued at $27,000 after purchasing an additional 429 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its stake 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 worth $27,000 after purchasing an additional 457 shares during the period. Parallel Advisors LLC raised its stake 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 acquiring an additional 583 shares during the period. Fifth Third Bancorp raised its stake 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 acquiring an additional 507 shares during the period. Finally, Versant Capital Management Inc grew its holdings in IAC by 118.6% during the 1st quarter. Versant Capital Management Inc now owns 680 shares of the company's stock valued at $31,000 after buying an additional 369 shares in the last quarter. 88.90% of the stock is 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.