IAC Inc. (NASDAQ:IAC) Sees Significant Drop in Short Interest

IAC Inc. (NASDAQ:IAC) saw a large decline in short interest in September. As of September 15th, there was short interest totalling 2,870,000 shares, a decline of 6.5% from the August 31st total of 3,070,000 shares. Approximately 3.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 551,200 shares, the days-to-cover ratio is presently 5.2 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Garden State Investment Advisory Services LLC lifted its stake in shares of IAC by 1.3% in the 4th quarter. Garden State Investment Advisory Services LLC now owns 15,010 shares of the company’s stock valued at $786,000 after purchasing an additional 196 shares during the period. Tandem Capital Management Corp ADV grew its position in shares of IAC by 0.6% during the 2nd quarter. Tandem Capital Management Corp ADV now owns 47,222 shares of the company’s stock worth $2,192,000 after buying an additional 260 shares during the period. Greenwich Wealth Management LLC grew its position in shares of IAC by 3.0% during the 2nd quarter. Greenwich Wealth Management LLC now owns 9,635 shares of the company’s stock worth $451,000 after buying an additional 284 shares during the period. Treasurer of the State of North Carolina increased its stake in shares of IAC by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 32,856 shares of the company’s stock valued at $1,721,000 after acquiring an additional 320 shares in the last quarter. Finally, CWM LLC lifted its position in shares of IAC by 55.6% during 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 during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

IAC has been the subject of several research analyst reports. Truist Financial boosted their price objective on shares of IAC from $87.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Benchmark reaffirmed a “buy” rating and issued a $110.00 price objective on shares of IAC in a research note on Tuesday, August 27th. Citigroup lowered 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. KeyCorp reduced their price target on shares of IAC from $67.00 to $66.00 and set an “overweight” rating on the stock in a research note on Friday, August 16th. Finally, Barclays lowered their price objective on shares of IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $76.40.

IAC Stock Performance

Shares of IAC stock opened at $53.82 on Tuesday. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of -34.06 and a beta of 1.32. IAC has a twelve month low of $41.39 and a twelve month high of $58.29. The company’s fifty day moving average is $51.46 and its 200 day moving average is $50.66. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.29.

IAC (NASDAQ:IAC) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($1.71) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($1.39). The company had revenue of $949.50 million during the quarter, compared to analyst estimates of $942.77 million. IAC had a negative net margin of 3.95% and a negative return on equity of 2.35%. The company’s quarterly revenue was down 14.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.76) EPS. Sell-side analysts forecast that IAC will post -0.79 EPS for the current year.

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.