Assenagon Asset Management S.A. Boosts Stake in IAC Inc. (NASDAQ:IAC)

Assenagon Asset Management S.A. raised its holdings in shares of IAC Inc. (NASDAQ:IAC) by 452.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 102,883 shares of the company’s stock after buying an additional 84,259 shares during the quarter. Assenagon Asset Management S.A. owned about 0.13% of IAC worth $4,438,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IAC. Nisa Investment Advisors LLC lifted its stake in IAC by 2.7% during the third quarter. Nisa Investment Advisors LLC now owns 15,475 shares of the company’s stock worth $833,000 after purchasing an additional 405 shares during the last quarter. Victory Capital Management Inc. lifted its stake in IAC by 1.6% during the third quarter. Victory Capital Management Inc. now owns 31,686 shares of the company’s stock worth $1,705,000 after purchasing an additional 490 shares during the last quarter. GAMMA Investing LLC lifted its stake in IAC by 98.8% during the third quarter. GAMMA Investing LLC now owns 990 shares of the company’s stock worth $53,000 after purchasing an additional 492 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in IAC by 3.1% during the second quarter. The Manufacturers Life Insurance Company now owns 18,561 shares of the company’s stock worth $870,000 after purchasing an additional 553 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its stake in IAC by 2.8% during the third quarter. Oppenheimer Asset Management Inc. now owns 21,913 shares of the company’s stock worth $1,179,000 after purchasing an additional 597 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Barclays lowered their target price on 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 lowered their target price on IAC from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Citigroup lowered their target price on IAC from $60.00 to $56.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. KeyCorp lowered their target price on IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, UBS Group raised IAC to a “hold” rating in a research note on Monday, October 28th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, IAC has an average rating of “Moderate Buy” and an average target price of $67.50.

IAC Stock Performance

Shares of IAC opened at $42.30 on Tuesday. The business’s fifty day simple moving average is $45.18 and its two-hundred day simple moving average is $49.13. The company has a market cap of $3.40 billion, a price-to-earnings ratio of -98.37 and a beta of 1.32. 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 Inc. has a 12 month low of $39.61 and a 12 month high of $58.29.

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%. IAC’s quarterly revenue 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. Research analysts anticipate that IAC Inc. will post -3.97 earnings per share for the current fiscal 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.