Fmr LLC Sells 468,392 Shares of IAC Inc. (NASDAQ:IAC)

Fmr LLC lowered its stake in IAC Inc. (NASDAQ:IAC) by 39.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 731,474 shares of the company’s stock after selling 468,392 shares during the quarter. Fmr LLC owned about 0.91% of IAC worth $39,368,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in IAC. Comerica Bank boosted its position in shares of IAC by 52.7% during the first quarter. Comerica Bank now owns 10,929 shares of the company’s stock worth $583,000 after buying an additional 3,772 shares during the period. CWM LLC boosted its position in IAC by 55.6% during the 2nd quarter. CWM LLC now owns 1,142 shares of the company’s stock worth $54,000 after acquiring an additional 408 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of IAC by 8.2% during the 2nd quarter. QRG Capital Management Inc. now owns 27,239 shares of the company’s stock worth $1,276,000 after acquiring an additional 2,073 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of IAC in the second quarter valued at approximately $312,000. Finally, 1620 Investment Advisors Inc. bought a new stake in shares of IAC in the second quarter worth $60,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. TD Cowen decreased their target price on shares of IAC from $82.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Truist Financial decreased their price objective on IAC from $88.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. UBS Group upgraded IAC to a “hold” rating in a report on Monday, October 28th. Barclays decreased their price target on IAC from $70.00 to $66.00 and set an “overweight” rating for the company in a research note on Wednesday, November 13th. Finally, KeyCorp dropped their price objective on IAC from $66.00 to $60.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $70.36.

IAC Stock Up 1.2 %

IAC stock opened at $48.13 on Monday. The business’s 50 day simple moving average is $50.43 and its 200 day simple moving average is $50.15. IAC Inc. has a 1-year low of $43.51 and a 1-year high of $58.29. The firm has a market capitalization of $3.87 billion, a PE ratio of -111.93 and a beta of 1.31. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.30.

IAC (NASDAQ:IAC) last issued its quarterly earnings data 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 company had revenue of $938.70 million during 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%. IAC’s revenue for the quarter was down 15.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.30) earnings per share. As a group, research analysts anticipate that IAC Inc. will post -3.97 EPS for the current year.

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.