KeyCorp Cuts IAC (NASDAQ:IAC) Price Target to $60.00

IAC (NASDAQ:IAC) had its price target cut by KeyCorp from $66.00 to $60.00 in a report issued on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued reports about the stock. Barclays decreased their price target on shares of IAC from $70.00 to $66.00 and set an “overweight” rating for the company in a research note on Wednesday, November 13th. Truist Financial decreased their target price on shares of IAC from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $110.00 price target on shares of IAC in a research report on Tuesday, November 12th. Macquarie restated an “outperform” rating and issued a $14.00 price target on shares of IAC in a research note on Thursday, November 14th. Finally, UBS Group upgraded IAC to a “hold” rating in a research note on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, IAC presently has a consensus rating of “Moderate Buy” and an average price target of $70.36.

IAC Stock Performance

IAC stock opened at $48.47 on Wednesday. IAC has a fifty-two week low of $43.51 and a fifty-two week high of $58.29. The stock has a market cap of $3.90 billion, a price-to-earnings ratio of -112.72 and a beta of 1.33. The stock’s 50 day simple moving average is $51.67 and its two-hundred day simple moving average is $50.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.75 and a current ratio of 2.75.

IAC (NASDAQ:IAC) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.93) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($2.73). The firm had revenue of $938.70 million for the quarter, compared to the consensus estimate of $922.62 million. IAC had a negative net margin of 0.34% and a negative return on equity of 5.63%. The company’s revenue for the quarter was down 15.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.30) earnings per share. As a group, analysts expect that IAC will post -3.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAC

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Edgestream Partners L.P. bought a new position in IAC during the first quarter valued at approximately $575,000. Cloverfields Capital Group LP bought a new position in shares of IAC during the 1st quarter valued at $4,006,000. Whitebox Advisors LLC boosted its stake in shares of IAC by 9.5% in the 1st quarter. Whitebox Advisors LLC now owns 1,402,554 shares of the company’s stock worth $74,812,000 after buying an additional 121,664 shares during the last quarter. Incline Global Management LLC grew its holdings in shares of IAC by 39.6% in the first quarter. Incline Global Management LLC now owns 282,434 shares of the company’s stock worth $15,065,000 after acquiring an additional 80,080 shares during the period. Finally, Comerica Bank increased its position in IAC by 52.7% during the first quarter. Comerica Bank now owns 10,929 shares of the company’s stock valued at $583,000 after acquiring an additional 3,772 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

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.