Murchinson Ltd. Acquires Shares of 25,000 IAC Inc. $IAC

Key Points

• Murchinson Ltd. acquired 25,000 shares of IAC Inc., valued at approximately $1,148,000, during the first quarter of the year.
• Several hedge funds, including TD Private Client Wealth LLC and Parallel Advisors LLC, significantly increased their stakes in IAC, with increases ranging from 282.2% to 1,422.0% in the same quarter.
• Analyst price targets for IAC have been reduced by firms such as Truist Financial and JMP Securities, indicating a current consensus price target of $47.92 and an average rating of "Moderate Buy."

Murchinson Ltd. acquired a new position in IAC Inc. (NASDAQ:IAC - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund acquired 25,000 shares of the company's stock, valued at approximately $1,148,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AlphaQuest LLC lifted its holdings in IAC by 64.8% in the 1st quarter. AlphaQuest LLC now owns 3,187 shares of the company's stock valued at $146,000 after purchasing an additional 1,253 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in IAC in the 1st quarter valued at about $1,107,000. Allspring Global Investments Holdings LLC purchased a new position in IAC in the 1st quarter valued at about $2,590,000. Charles Schwab Investment Management Inc. lifted its holdings in IAC by 5.0% in 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 in the last quarter. Finally, Maverick Capital Ltd. lifted its holdings in IAC by 112.7% in the 1st quarter. Maverick Capital Ltd. now owns 18,874 shares of the company's stock valued at $867,000 after purchasing an additional 10,000 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

IAC Trading Down 1.9%

IAC traded down $0.70 on Monday, reaching $36.49. 980,805 shares of the company's stock were exchanged, compared to its average volume of 1,136,492. The company's 50 day moving average is $37.84 and its 200-day moving average is $38.53. The company has a market cap of $2.71 billion, a price-to-earnings ratio of -6.77 and a beta of 1.26. IAC Inc. has a twelve month low of $32.04 and a twelve month high of $55.40. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.87 and a current ratio of 2.87.

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

Analysts Set New Price Targets

IAC has been the topic of a number of recent research reports. Benchmark reduced their target price on shares of IAC from $63.00 to $60.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. KeyCorp dropped their price objective on shares of IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Wall Street Zen raised shares of IAC from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Piper Sandler dropped their price objective on shares of IAC from $44.00 to $39.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Finally, JMP Securities dropped their price objective on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating for the company in a research note on Tuesday, June 10th. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $47.92.

IAC Company 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.