IAC (NASDAQ:IAC) Price Target Raised to $41.00

Key Points

• UBS Group has increased its price target for IAC from $38.00 to $41.00, indicating a potential upside of 18.71% from the current stock price.
• Despite the target increase, IAC has seen downgrades from other analysts, with Truist Financial reducing their price target from $61.00 to $57.00 and Goldman Sachs lowering theirs from $60.00 to $46.00.
• IAC reported earnings of $2.57 per share, significantly exceeding expectations, though revenue was down 7.5% year-over-year.

IAC (NASDAQ:IAC - Free Report) had its price target increased by UBS Group from $38.00 to $41.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts also recently issued reports on the stock. Oppenheimer reduced their price target on shares of IAC from $60.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday. Citigroup reduced their price objective on IAC from $47.55 to $45.00 and set a "buy" rating on the stock in a report on Friday, April 25th. JPMorgan Chase & Co. decreased their price objective on IAC from $60.00 to $45.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Truist Financial dropped their target price on IAC from $61.00 to $57.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Cowen restated a "buy" rating on shares of IAC in a research report on Monday, May 5th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Price Performance

IAC stock traded down $0.75 during trading on Wednesday, hitting $34.24. 270,835 shares of the stock traded hands, compared to its average volume of 1,090,781. The stock has a market cap of $2.55 billion, a price-to-earnings ratio of -6.35 and a beta of 1.23. IAC has a one year low of $32.04 and a one year high of $55.40. 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 50 day simple moving average of $38.23 and a 200 day simple moving average of $39.78.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, topping the consensus estimate of ($0.30) by $2.87. The company had revenue of $586.93 million during 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 was down 7.5% on a year-over-year basis. During the same quarter last year, the business posted ($1.71) earnings per share. Equities analysts expect that IAC will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On IAC

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new position in IAC in the first quarter valued at about $1,107,000. Allspring Global Investments Holdings LLC bought a new stake in shares of IAC in the first quarter valued at about $2,590,000. Invesco Ltd. grew its stake in shares of IAC by 24.7% during the 4th quarter. Invesco Ltd. now owns 341,507 shares of the company's stock worth $14,733,000 after acquiring an additional 67,746 shares in the last quarter. QRG Capital Management Inc. grew its position in IAC by 94.7% in the first quarter. QRG Capital Management Inc. now owns 54,721 shares of the company's stock valued at $2,514,000 after purchasing an additional 26,616 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of IAC by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 351,787 shares of the company's stock valued at $16,161,000 after acquiring an additional 8,396 shares in the last quarter. 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.