Harspring Capital Management LLC Lowers Position in People Incorporated Common Stock $PPLI

Key Points

• Harspring Capital Management cut its stake in People Incorporated Common Stock by 22.2% in the first quarter, selling 70,000 shares and ending with 245,000 shares worth about $9.8 million.
• Even after the sale, People Incorporated still represented about 5.2% of Harspring’s portfolio and was its 11th-largest holding. Broader institutional ownership remains high, with hedge funds and other investors owning 88.9% of the stock.
• Analysts remain mixed but generally constructive: the stock carries a Moderate Buy consensus with an average price target of $53.62, while shares recently traded around $43.45.

Harspring Capital Management LLC decreased its holdings in shares of People Incorporated Common Stock (NASDAQ:PPLI - Free Report) by 22.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 245,000 shares of the company's stock after selling 70,000 shares during the period. People Incorporated Common Stock makes up about 5.2% of Harspring Capital Management LLC's holdings, making the stock its 11th largest holding. Harspring Capital Management LLC owned 0.36% of People Incorporated Common Stock worth $9,807,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PPLI. Parallel Advisors LLC raised its holdings in shares of People Incorporated Common Stock by 61.3% in the 1st quarter. Parallel Advisors LLC now owns 613 shares of the company's stock valued at $25,000 after acquiring an additional 233 shares in the last quarter. Hantz Financial Services Inc. boosted its position in shares of People Incorporated Common Stock by 173.4% during the 4th quarter. Hantz Financial Services Inc. now owns 782 shares of the company's stock valued at $31,000 after acquiring an additional 496 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of People Incorporated Common Stock during the 3rd quarter valued at about $38,000. Quarry LP purchased a new position in shares of People Incorporated Common Stock during the fourth quarter worth about $59,000. Finally, Rockefeller Capital Management L.P. increased its position in shares of People Incorporated Common Stock by 251.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,937 shares of the company's stock worth $76,000 after purchasing an additional 1,386 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PPLI has been the topic of a number of recent analyst reports. TD Cowen raised their target price on shares of People Incorporated Common Stock from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Monday, May 4th. Weiss Ratings raised shares of People Incorporated Common Stock from a "sell (d)" rating to a "sell (d+)" rating in a research note on Monday, June 29th. Wall Street Zen lowered shares of People Incorporated Common Stock from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Jefferies Financial Group cut shares of People Incorporated Common Stock from a "buy" rating to a "hold" rating and set a $44.00 price objective on the stock. in a research report on Wednesday, May 6th. Finally, Benchmark reaffirmed a "buy" rating on shares of People Incorporated Common Stock in a report on Tuesday, June 2nd. Eight equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $53.62.

People Incorporated Common Stock Price Performance

Shares of People Incorporated Common Stock stock opened at $43.45 on Thursday. The firm has a market capitalization of $2.98 billion, a PE ratio of 117.44 and a beta of 1.02. The company has a current ratio of 3.69, a quick ratio of 3.69 and a debt-to-equity ratio of 0.30. People Incorporated Common Stock has a 12 month low of $29.56 and a 12 month high of $48.32. The business's 50-day moving average price is $43.68 and its 200-day moving average price is $40.85.

People Incorporated Common Stock Profile

IAC NASDAQ: IAC is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company's operations span North America and parts of Europe, where its brands reach millions of visitors each month.

In the digital publishing space, IAC's Dotdash Meredith division develops original content and data‐driven journalism across more than a dozen specialty sites.

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