IAC (NASDAQ:IAC) Announces Quarterly Earnings Results

IAC (NASDAQ:IAC) released its quarterly earnings data on Monday. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.03), Zacks reports. IAC had a negative net margin of 8.27% and a negative return on equity of 4.50%. The company had revenue of $589.79 million during the quarter, compared to analyst estimates of $601.86 million. During the same quarter in the prior year, the company earned ($2.93) EPS. The business’s revenue was down 8.1% on a year-over-year basis.

IAC Stock Performance

Shares of NASDAQ:IAC traded up $0.89 during trading on Wednesday, reaching $32.89. 394,748 shares of the company’s stock traded hands, compared to its average volume of 1,136,382. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 2.87. IAC has a 12 month low of $29.56 and a 12 month high of $55.16. The company has a 50 day moving average of $34.65 and a 200-day moving average of $36.28. The stock has a market capitalization of $2.45 billion, a P/E ratio of -12.06 and a beta of 1.25.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on IAC. Oppenheimer dropped their price target on shares of IAC from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 6th. KeyCorp dropped their price target on shares of IAC from $45.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday. Truist Financial dropped their price target on shares of IAC from $57.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday. Piper Sandler dropped their price target on shares of IAC from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 6th. Finally, Benchmark dropped their price target on shares of IAC from $60.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, IAC presently has a consensus rating of “Moderate Buy” and an average target price of $46.54.

Institutional Trading of IAC

Hedge funds and other institutional investors have recently made changes to their positions in the business. Main Street Financial Solutions LLC bought a new stake in shares of IAC in the 2nd quarter worth approximately $1,307,000. Sei Investments Co. raised its holdings in shares of IAC by 36.6% in the 2nd quarter. Sei Investments Co. now owns 22,138 shares of the company’s stock worth $827,000 after purchasing an additional 5,931 shares in the last quarter. Amundi raised its holdings in shares of IAC by 660,933.3% in the 2nd quarter. Amundi now owns 19,831 shares of the company’s stock worth $781,000 after purchasing an additional 19,828 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of IAC in the 2nd quarter worth approximately $769,000. Finally, Tidal Investments LLC acquired a new stake in shares of IAC during the second quarter valued at approximately $694,000. 88.90% of the stock is currently 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.