Millennium Management LLC Buys 235,476 Shares of IAC Inc. (NASDAQ:IAC)

Millennium Management LLC increased its position in IAC Inc. (NASDAQ:IAC - Free Report) by 1,666.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 249,603 shares of the company's stock after acquiring an additional 235,476 shares during the period. Millennium Management LLC owned approximately 0.31% of IAC worth $10,768,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of IAC. Jefferies Financial Group Inc. purchased a new stake in shares of IAC in the fourth quarter worth about $276,000. Gotham Asset Management LLC lifted its position in IAC by 68.4% in the fourth quarter. Gotham Asset Management LLC now owns 26,244 shares of the company's stock worth $1,132,000 after purchasing an additional 10,659 shares during the period. D. E. Shaw & Co. Inc. acquired a new stake in IAC in the fourth quarter worth approximately $3,157,000. Corvex Management LP grew its holdings in shares of IAC by 61.8% in the 4th quarter. Corvex Management LP now owns 2,410,370 shares of the company's stock worth $103,983,000 after acquiring an additional 920,875 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of IAC in the 4th quarter worth $2,974,000. Institutional investors and hedge funds own 88.90% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on IAC shares. Piper Sandler dropped their price target on shares of IAC from $54.00 to $44.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. JMP Securities decreased their price target on shares of IAC from $70.00 to $64.00 and set a "market outperform" rating for the company in a report on Thursday, February 13th. Cowen reiterated a "buy" rating on shares of IAC in a research note on Monday, May 5th. Barclays cut their price target on shares of IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Finally, Citigroup cut their price target on shares of IAC from $47.55 to $45.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.38.

IAC Stock Up 2.3%

Shares of IAC traded up $0.85 during trading hours on Tuesday, reaching $37.16. 701,182 shares of the stock traded hands, compared to its average volume of 790,108. The company has a current ratio of 2.80, a quick ratio of 2.75 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $37.67 and a 200 day simple moving average of $42.29. IAC Inc. has a 52 week low of $32.05 and a 52 week high of $55.40. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -5.70 and a beta of 1.24.

IAC (NASDAQ:IAC - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported ($2.80) earnings per share for the quarter, beating analysts' consensus estimates of ($3.94) by $1.14. IAC had a negative net margin of 14.18% and a negative return on equity of 7.98%. The company had revenue of $570.49 million for the quarter, compared to analyst estimates of $809.18 million. During the same period last year, the firm earned $0.51 earnings per share. The firm's revenue was down 8.6% on a year-over-year basis. On average, equities analysts forecast 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.