Ieq Capital LLC Purchases Shares of 52,970 IAC Inc. $IAC

Key Points

• Ieq Capital LLC has acquired 52,970 shares of IAC Inc. worth approximately $2.43 million, increasing its stake to 0.07% of the company.
• IAC Inc. reported earnings of $2.57 per share, significantly exceeding analysts' estimates of ($0.30), despite a 7.5% year-over-year decline in revenue during the last quarter.
• Analyst ratings on IAC are predominantly positive, with twelve analysts giving a Buy rating and an average target price of $47.92, though some firms have adjusted their target prices downward.

Ieq Capital LLC purchased a new position in IAC Inc. (NASDAQ:IAC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 52,970 shares of the company's stock, valued at approximately $2,433,000. Ieq Capital LLC owned about 0.07% of IAC as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AlphaQuest LLC grew its stake in shares of IAC by 64.8% in the 1st quarter. AlphaQuest LLC now owns 3,187 shares of the company's stock worth $146,000 after buying an additional 1,253 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in IAC during the 1st quarter valued at $1,107,000. Allspring Global Investments Holdings LLC purchased a new stake in IAC during the 1st quarter valued at $2,590,000. Charles Schwab Investment Management Inc. boosted its stake in IAC by 5.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,015,204 shares of the company's stock valued at $46,638,000 after purchasing an additional 47,944 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in IAC by 11.4% during the 1st quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company's stock valued at $250,447,000 after purchasing an additional 557,134 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on IAC shares. Piper Sandler cut their target price on IAC from $44.00 to $39.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. UBS Group increased their target price on IAC from $38.00 to $41.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. KeyCorp cut their target price on IAC from $49.00 to $45.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. JMP Securities lowered their price target on IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a report on Tuesday, June 10th. Finally, Benchmark lowered their price target on IAC from $63.00 to $60.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Twelve research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.92.

IAC Stock Performance

IAC stock traded up $0.40 during trading on Friday, reaching $37.19. The company had a trading volume of 1,613,994 shares, compared to its average volume of 1,135,360. IAC Inc. has a 52 week low of $32.04 and a 52 week high of $55.40. The firm's 50-day simple moving average is $37.86 and its 200 day simple moving average is $38.64. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -6.90 and a beta of 1.26. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29.

IAC (NASDAQ:IAC - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $2.57 EPS for the quarter, topping analysts' consensus estimates of ($0.30) by $2.87. IAC had a negative return on equity of 8.23% and a negative net margin of 14.52%.The company had revenue of $586.93 million for the quarter, compared to analysts' expectations of $601.38 million. During the same period last year, the firm earned ($1.71) EPS. IAC's revenue for the quarter was down 7.5% compared to the same quarter last year. Sell-side analysts forecast that IAC Inc. will post 0.43 earnings per share for the current fiscal 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.