IAC (NASDAQ:IAC) Announces Earnings Results

IAC (NASDAQ:IAC) announced its earnings results on Monday. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.03), Zacks reports. IAC had a negative return on equity of 8.23% and a negative net margin of 14.52%.The business had revenue of $589.79 million for the quarter, compared to the consensus estimate of $601.86 million. During the same quarter in the previous year, the company posted ($2.93) EPS. IAC’s revenue for the quarter was down 8.1% on a year-over-year basis.

IAC Stock Up 1.1%

Shares of IAC stock opened at $32.56 on Tuesday. The business has a fifty day simple moving average of $34.73 and a 200 day simple moving average of $36.29. The stock has a market cap of $2.42 billion, a PE ratio of -6.04 and a beta of 1.25. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. IAC has a 12 month low of $31.30 and a 12 month high of $55.16.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. KeyCorp reduced their price target on shares of IAC from $45.00 to $41.00 and set an “overweight” rating on the stock in a research report on Monday. Benchmark reduced their target price on shares of IAC from $63.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. Piper Sandler lowered their price target on shares of IAC from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Wednesday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IAC in a report on Wednesday, October 8th. Finally, Wall Street Zen raised IAC from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.62.

Hedge Funds Weigh In On IAC

Several institutional investors have recently modified their holdings of IAC. Tidal Investments LLC acquired a new position in IAC during the second quarter valued at approximately $694,000. Brevan Howard Capital Management LP boosted its position in shares of IAC by 200.6% during the second quarter. Brevan Howard Capital Management LP now owns 38,008 shares of the company’s stock worth $1,419,000 after purchasing an additional 25,366 shares in the last quarter. Main Street Financial Solutions LLC acquired a new position in shares of IAC in the 2nd quarter valued at $1,307,000. Sei Investments Co. increased its position in shares of IAC by 36.6% in the 2nd quarter. Sei Investments Co. now owns 22,138 shares of the company’s stock valued at $827,000 after buying an additional 5,931 shares in the last quarter. Finally, Amundi raised its stake in IAC by 660,933.3% during the 2nd quarter. Amundi now owns 19,831 shares of the company’s stock worth $781,000 after buying an additional 19,828 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.