Blueshift Asset Management LLC Makes New $725,000 Investment in IAC Inc. (NASDAQ:IAC)

Key Points

• Blueshift Asset Management LLC has acquired 15,775 shares of IAC Inc., valued at approximately $725,000, during the 1st quarter as per their latest SEC filing.
• A significant portion of IAC's stock, around 88.90%, is held by institutional investors and hedge funds, indicating strong institutional interest in the company.
• Analysts have lowered their price targets for IAC, with the average consensus price target now at $54.08, reflecting a more cautious outlook for the stock.

Blueshift Asset Management LLC purchased a new stake in IAC Inc. (NASDAQ:IAC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 15,775 shares of the company's stock, valued at approximately $725,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. US Bancorp DE increased its stake in shares of IAC by 21.9% in the 1st quarter. US Bancorp DE now owns 2,234 shares of the company's stock valued at $103,000 after purchasing an additional 401 shares in the last quarter. Shufro Rose & Co. LLC increased its stake in shares of IAC by 14.3% in the 1st quarter. Shufro Rose & Co. LLC now owns 33,650 shares of the company's stock valued at $1,546,000 after purchasing an additional 4,200 shares in the last quarter. Hurley Capital LLC purchased a new position in shares of IAC in the 1st quarter valued at about $168,000. Mackenzie Financial Corp lifted its holdings in IAC by 40.9% during the first quarter. Mackenzie Financial Corp now owns 11,580 shares of the company's stock valued at $532,000 after purchasing an additional 3,360 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in IAC by 12.5% during the first quarter. Cetera Investment Advisers now owns 8,312 shares of the company's stock valued at $382,000 after purchasing an additional 921 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price objective on shares of IAC from $60.00 to $45.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. UBS Group cut their price objective on IAC from $54.00 to $38.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Barclays dropped their price target on IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. The Goldman Sachs Group decreased their price objective on IAC from $60.00 to $46.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, Citigroup dropped their target price on shares of IAC from $47.55 to $45.00 and set a "buy" rating for the company in a report on Friday, April 25th. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, IAC currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.08.

IAC Trading Down 1.2%

IAC traded down $0.47 during trading hours on Friday, reaching $38.83. The company's stock had a trading volume of 1,062,226 shares, compared to its average volume of 692,574. IAC Inc. has a fifty-two week low of $32.04 and a fifty-two week high of $55.40. The stock has a market cap of $2.88 billion, a PE ratio of -4.02 and a beta of 1.23. The business's 50-day moving average is $38.29 and its 200-day moving average is $39.94. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.70 and a quick ratio of 2.70.

IAC (NASDAQ:IAC - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported ($2.80) EPS for the quarter, topping analysts' consensus estimates of ($3.94) by $1.14. The company had revenue of $570.49 million for the quarter, compared to analysts' expectations of $809.18 million. IAC had a negative return on equity of 11.11% and a negative net margin of 23.25%. The firm's revenue was down 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 earnings per share. As a group, equities research analysts predict that IAC Inc. will post 0.43 earnings per share for the current fiscal 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.