Northern Right Capital Management L.P. Sells 84,247 Shares of IAC Inc. $IAC

Key Points

• Northern Right Capital Management L.P. has sold 84,247 shares of IAC Inc., reducing its stake by 21.9% to 300,678 shares, making IAC the fund's 6th largest position.
• Other institutional investors have significantly increased their positions in IAC, with TD Private Client Wealth LLC raising its stake by 282.2% during the same quarter.
• IAC's stock has a consensus rating of "Moderate Buy" with a target price of $47.92, following various adjustments by several equity analysts.

Northern Right Capital Management L.P. reduced its stake in IAC Inc. (NASDAQ:IAC - Free Report) by 21.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 300,678 shares of the company's stock after selling 84,247 shares during the period. IAC makes up approximately 5.6% of Northern Right Capital Management L.P.'s investment portfolio, making the stock its 6th biggest position. Northern Right Capital Management L.P. owned about 0.41% of IAC worth $13,813,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IAC. Burgundy Asset Management Ltd. bought a new stake in IAC during the 1st quarter worth $66,556,000. Asset Value Investors Ltd bought a new stake in shares of IAC in the fourth quarter worth $39,872,000. Corvex Management LP grew its stake in shares of IAC by 61.8% in the fourth quarter. Corvex Management LP now owns 2,410,370 shares of the company's stock worth $103,983,000 after purchasing an additional 920,875 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of IAC by 11.4% in the first quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company's stock worth $250,447,000 after purchasing an additional 557,134 shares during the last quarter. Finally, Southeastern Asset Management Inc. TN lifted its position in shares of IAC by 21.3% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company's stock worth $118,719,000 after purchasing an additional 483,613 shares during the period. 88.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IAC has been the topic of a number of recent analyst reports. Barclays dropped their price target on shares of IAC from $61.00 to $52.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Wall Street Zen upgraded shares of IAC from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Piper Sandler dropped their target price 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. Truist Financial lowered their price objective on shares of IAC from $61.00 to $57.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Finally, JMP Securities lowered their price objective on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a report on Tuesday, June 10th. Twelve investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Stock Down 0.8%

Shares of IAC stock traded down $0.29 during trading on Wednesday, hitting $36.29. 912,738 shares of the stock traded hands, compared to its average volume of 1,570,708. The stock's fifty day simple moving average is $37.87 and its 200 day simple moving average is $38.85. IAC Inc. has a 52-week low of $32.04 and a 52-week high of $55.40. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29. The firm has a market cap of $2.70 billion, a P/E ratio of -6.73 and a beta of 1.26.

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, beating the consensus estimate 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 company had revenue of $586.93 million for the quarter, compared to analyst estimates of $601.38 million. During the same quarter 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. On average, equities analysts predict that IAC Inc. will post 0.43 earnings per share for the current fiscal 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.