IAC Inc. (NASDAQ:IAC) Short Interest Update

IAC Inc. (NASDAQ:IAC) was the recipient of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 1,930,000 shares, a drop of 8.5% from the October 31st total of 2,110,000 shares. Approximately 2.6% of the shares of the company are short sold. Based on an average daily volume of 549,900 shares, the days-to-cover ratio is currently 3.5 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of IAC by 5,474.2% in the second quarter. Principal Financial Group Inc. now owns 343,429 shares of the company’s stock valued at $16,090,000 after acquiring an additional 337,268 shares during the period. DME Capital Management LP purchased a new stake in shares of IAC during the second quarter worth approximately $13,655,000. Bank of New York Mellon Corp raised its position in IAC by 113.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 531,296 shares of the company’s stock valued at $24,891,000 after purchasing an additional 282,304 shares during the last quarter. Public Sector Pension Investment Board acquired a new position in shares of IAC during the 2nd quarter worth $7,200,000. Finally, Marshall Wace LLP acquired a new position in IAC in the 2nd quarter valued at $5,644,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

IAC Stock Up 2.5 %

IAC stock opened at $48.50 on Tuesday. The firm has a 50 day moving average of $50.93 and a two-hundred day moving average of $50.28. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 2.75. IAC has a 12 month low of $43.51 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 (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($2.73). IAC had a negative net margin of 0.34% and a negative return on equity of 5.63%. The firm had revenue of $938.70 million during the quarter, compared to the consensus estimate of $922.62 million. During the same quarter last year, the firm earned ($0.30) earnings per share. The business’s revenue for the quarter was down 15.5% compared to the same quarter last year. On average, sell-side analysts predict that IAC will post -3.97 earnings per share for the current year.

Wall Street Analysts Forecast Growth

IAC has been the topic of a number of research reports. Truist Financial reduced their target price on shares of IAC from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. KeyCorp cut their price target on shares of IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Benchmark reiterated a “buy” rating and set a $110.00 price target on shares of IAC in a report on Tuesday, November 12th. Macquarie reiterated an “outperform” rating and issued a $14.00 price objective on shares of IAC in a report on Thursday, November 14th. Finally, Citigroup cut their target price on shares of IAC from $70.00 to $66.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.36.

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.