Seven Eight Capital LP Takes Position in IAC Inc. (NASDAQ:IAC)

Seven Eight Capital LP purchased a new position in IAC Inc. (NASDAQ:IAC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,650 shares of the company’s stock, valued at approximately $312,000.

Several other large investors also recently added to or reduced their stakes in IAC. Brown Advisory Inc. purchased a new stake in IAC in the fourth quarter valued at approximately $209,000. Norges Bank bought a new position in IAC in the fourth quarter valued at $39,426,000. S&CO Inc. raised its position in IAC by 308.1% during the fourth quarter. S&CO Inc. now owns 75,500 shares of the company’s stock valued at $3,954,000 after purchasing an additional 57,000 shares in the last quarter. Contrarius Investment Management Ltd bought a new stake in IAC during the fourth quarter worth about $5,910,000. Finally, Highbridge Capital Management LLC purchased a new position in shares of IAC in the 4th quarter worth about $670,000. Institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. JMP Securities began coverage on IAC in a research report on Tuesday, July 9th. They issued an “outperform” rating and a $78.00 target price for the company. Barclays cut their price objective on shares of IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. KeyCorp decreased their target price on shares of IAC from $67.00 to $66.00 and set an “overweight” rating on the stock in a research report on Friday, August 16th. Citigroup cut their price target on shares of IAC from $70.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Benchmark reiterated a “buy” rating and issued a $110.00 price objective on shares of IAC in a report on Tuesday, August 27th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

IAC Trading Down 0.5 %

IAC opened at $54.36 on Monday. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of -34.41 and a beta of 1.32. IAC Inc. has a one year low of $41.39 and a one year high of $58.29. The business has a 50 day simple moving average of $51.07 and a two-hundred day simple moving average of $50.57. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.68 and a quick ratio of 2.68.

IAC (NASDAQ:IAC) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($1.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($1.39). IAC had a negative return on equity of 2.35% and a negative net margin of 3.95%. The business had revenue of $949.50 million during the quarter, compared to analysts’ expectations of $942.77 million. During the same period in the previous year, the business earned ($0.76) EPS. The business’s revenue was down 14.6% compared to the same quarter last year. Analysts predict that IAC Inc. will post -0.79 EPS for the current year.

IAC 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.