IAC (NASDAQ:IAC) Shares Down 6.6% After Earnings Miss

IAC Inc. (NASDAQ:IAC - Get Free Report)'s share price fell 6.6% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $50.86 and last traded at $51.49. 89,811 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 655,222 shares. The stock had previously closed at $55.10.

The company reported ($2.93) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.20) by ($2.73). The business had revenue of $938.70 million during the quarter, compared to analysts' expectations of $922.62 million. IAC had a negative return on equity of 2.35% and a negative net margin of 3.95%. The business's quarterly revenue was down 15.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.30) EPS.

Analysts Set New Price Targets

IAC has been the topic of a number of research reports. Benchmark restated a "buy" rating and issued a $110.00 price objective on shares of IAC in a report on Tuesday. KeyCorp decreased their price objective on IAC from $67.00 to $66.00 and set an "overweight" rating for the company in a research note on Friday, August 16th. Truist Financial lifted their price objective on IAC from $87.00 to $88.00 and gave the company a "buy" rating in a research note on Thursday, August 8th. Citigroup decreased their target price on IAC from $70.00 to $66.00 and set a "buy" rating for the company in a research note on Thursday, August 8th. Finally, UBS Group raised IAC to a "hold" rating in a research report on Monday, October 28th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, IAC presently has a consensus rating of "Moderate Buy" and an average target price of $77.89.

Institutional Investors Weigh In On IAC

Hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC bought a new stake in shares of IAC in the second quarter worth $39,000. GAMMA Investing LLC boosted its position in shares of IAC by 98.8% during the 3rd quarter. GAMMA Investing LLC now owns 990 shares of the company's stock worth $53,000 after purchasing an additional 492 shares in the last quarter. CWM LLC lifted its position in IAC by 55.6% in the 2nd quarter. CWM LLC now owns 1,142 shares of the company's stock valued at $54,000 after acquiring an additional 408 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in IAC in the 2nd quarter valued at about $60,000. Finally, Innealta Capital LLC bought a new position in shares of IAC during the 2nd quarter worth approximately $146,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

IAC Stock Performance

The company's 50-day simple moving average is $52.28 and its 200 day simple moving average is $50.94. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.29. The stock has a market cap of $3.87 billion, a P/E ratio of -22.50 and a beta of 1.33.

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.