Joel Isaacson & Co. LLC Sells 55,057 Shares of IAC Inc. $IAC

Key Points

• Joel Isaacson & Co. LLC reduced its stake in IAC Inc. by 13.4%, selling 55,057 shares and now holding a total of 355,148 shares, valued at approximately $13.26 million.
• Several institutional investors have recently adjusted their positions in IAC, with notable increases from companies such as AlphaQuest LLC and Royal Bank of Canada.
• IAC's recent quarterly earnings report showed $586.93 million in revenue, falling short of analysts' expectations, alongside a significant earnings per share surprise of $2.87 over the consensus estimates.

Joel Isaacson & Co. LLC lessened its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 13.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 355,148 shares of the company's stock after selling 55,057 shares during the quarter. IAC accounts for about 0.5% of Joel Isaacson & Co. LLC's investment portfolio, making the stock its 28th largest position. Joel Isaacson & Co. LLC owned 0.48% of IAC worth $13,261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of IAC. AlphaQuest LLC raised its stake in IAC by 64.8% during the first quarter. AlphaQuest LLC now owns 3,187 shares of the company's stock worth $146,000 after acquiring an additional 1,253 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of IAC in the 1st quarter worth about $1,107,000. Royal Bank of Canada increased its position in shares of IAC by 12.7% during the 1st quarter. Royal Bank of Canada now owns 449,115 shares of the company's stock worth $20,632,000 after purchasing an additional 50,463 shares in the last quarter. Maverick Capital Ltd. increased its position in shares of IAC by 112.7% during the 1st quarter. Maverick Capital Ltd. now owns 18,874 shares of the company's stock worth $867,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in IAC during the 1st quarter valued at about $2,590,000. Institutional investors and hedge funds own 88.90% of the company's stock.

Wall Street Analysts Forecast Growth

IAC has been the topic of several research analyst reports. Benchmark decreased their price objective on shares of IAC from $63.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Oppenheimer decreased their price target on IAC from $60.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of IAC in a research report on Saturday, September 27th. JMP Securities decreased their target price 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, Piper Sandler reduced their price target on shares of IAC from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Twelve investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, IAC presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Stock Performance

Shares of IAC stock opened at $34.22 on Tuesday. The firm has a fifty day moving average of $35.96 and a two-hundred day moving average of $37.10. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.87 and a current ratio of 2.87. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of -6.35 and a beta of 1.23. IAC Inc. has a 52 week low of $32.04 and a 52 week high of $55.16.

IAC (NASDAQ:IAC - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $586.93 million during the quarter, compared to analysts' expectations of $601.38 million. During the same period in the previous year, the firm earned ($1.71) earnings per share. The firm's quarterly revenue was down 7.5% compared to the same quarter last year. As a group, equities research analysts predict that IAC Inc. will post 0.43 EPS for the current 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.

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