IAC (NASDAQ:IAC) Rating Lowered to Strong Sell at Zacks Research

IAC (NASDAQ:IAC) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Tuesday,Zacks.com reports.

Several other research analysts have also recently issued reports on the company. Truist Financial dropped their price objective on IAC from $57.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of IAC in a report on Thursday, January 22nd. Wall Street Zen lowered IAC from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. KeyCorp decreased their price objective on IAC from $45.00 to $41.00 and set an “overweight” rating for the company in a report on Monday, November 3rd. Finally, Oppenheimer cut shares of IAC from an “outperform” rating to a “market perform” rating in a report on Monday, December 15th. Ten research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.83.

IAC Trading Down 2.1%

NASDAQ IAC opened at $35.71 on Tuesday. The stock has a market cap of $2.56 billion, a PE ratio of -26.85 and a beta of 1.12. IAC has a 12 month low of $29.56 and a 12 month high of $50.49. The company’s 50-day moving average price is $38.53 and its 200-day moving average price is $36.14. The company has a current ratio of 2.75, a quick ratio of 2.56 and a debt-to-equity ratio of 0.29.

IAC (NASDAQ:IAC) last released its quarterly earnings data on Tuesday, February 3rd. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($1.66). The company had revenue of $645.98 million during the quarter, compared to analysts’ expectations of $641.01 million. IAC had a negative net margin of 4.35% and a negative return on equity of 2.43%. IAC’s quarterly revenue was down 34.7% on a year-over-year basis. During the same period last year, the firm earned ($2.39) earnings per share. Equities research analysts forecast that IAC will post 0.43 earnings per share for the current year.

Hedge Funds Weigh In On IAC

Several institutional investors and hedge funds have recently added to or reduced their stakes in IAC. Helikon Investments Ltd bought a new position in IAC in the second quarter worth about $76,056,000. JPMorgan Chase & Co. grew its position in shares of IAC by 20.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,568,927 shares of the company’s stock worth $245,284,000 after buying an additional 1,117,313 shares during the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of IAC by 73.8% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,517,797 shares of the company’s stock worth $94,015,000 after acquiring an additional 1,069,044 shares in the last quarter. Norges Bank purchased a new stake in IAC during the second quarter valued at approximately $31,025,000. Finally, Allspring Global Investments Holdings LLC lifted its position in IAC by 806.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 511,103 shares of the company’s stock valued at $19,872,000 after acquiring an additional 454,733 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

IAC Company Profile

IAC (NASDAQ: IAC) is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company’s operations span North America and parts of Europe, where its brands reach millions of visitors each month.

In the digital publishing space, IAC’s Dotdash Meredith division develops original content and data‐driven journalism across more than a dozen specialty sites.