IAC (NASDAQ:IAC) Reaches New 52-Week Low on Disappointing Earnings

IAC Inc. (NASDAQ:IAC) reached a new 52-week low on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $29.88 and last traded at $29.8430, with a volume of 259725 shares trading hands. The stock had previously closed at $32.56.

The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). IAC had a negative net margin of 14.52% and a negative return on equity of 8.23%. The business had revenue of $589.79 million for the quarter, compared to the consensus estimate of $601.86 million. During the same period in the previous year, the firm earned ($2.93) EPS. The company’s revenue was down 8.1% compared to the same quarter last year.

Analyst Upgrades and Downgrades

IAC has been the subject of a number of recent analyst reports. Oppenheimer reduced their price target on shares of IAC from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, August 6th. Truist Financial lowered their price target on IAC from $61.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. KeyCorp dropped their price target on IAC from $45.00 to $41.00 and set an “overweight” rating for the company in a research note on Monday. Benchmark reduced their price objective on IAC from $63.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of IAC in a research report on Wednesday, October 8th. Twelve equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.62.

Institutional Trading of IAC

Institutional investors have recently added to or reduced their stakes in the business. TD Private Client Wealth LLC boosted its position in IAC by 282.2% during the first quarter. TD Private Client Wealth LLC now owns 581 shares of the company’s stock valued at $27,000 after buying an additional 429 shares during the period. GAMMA Investing LLC boosted its position in IAC by 219.4% during the first quarter. GAMMA Investing LLC now owns 757 shares of the company’s stock valued at $35,000 after buying an additional 520 shares during the period. Farther Finance Advisors LLC boosted its position in IAC by 240.3% during the second quarter. Farther Finance Advisors LLC now owns 1,174 shares of the company’s stock valued at $44,000 after buying an additional 829 shares during the period. Atticus Wealth Management LLC purchased a new stake in IAC during the second quarter valued at about $51,000. Finally, North Capital Inc. purchased a new stake in IAC during the second quarter valued at about $75,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

IAC Trading Down 5.1%

The firm’s 50-day simple moving average is $34.73 and its 200-day simple moving average is $36.29. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $2.30 billion, a PE ratio of -5.68 and a beta of 1.25.

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.