Pallas Capital Advisors LLC Decreases Stock Position in IAC Inc. $IAC

Key Points

• Pallas Capital Advisors LLC has significantly reduced its stake in IAC Inc. by 59.9%, now holding 7,893 shares valued at $295,000 after selling 11,785 shares.
• Several hedge funds are active in the IAC market, with new stakes and increases in holdings totaling a significant portion of the company's stock currently owned by institutions.
• Analysts have varied target prices for IAC, with recent estimates ranging from $39.00 to $61.00, reflecting differing outlooks and a consensus rating of "Moderate Buy."

Pallas Capital Advisors LLC reduced its position in IAC Inc. (NASDAQ:IAC - Free Report) by 59.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,893 shares of the company's stock after selling 11,785 shares during the period. Pallas Capital Advisors LLC's holdings in IAC were worth $295,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Strs Ohio purchased a new stake in shares of IAC in the 1st quarter worth $1,291,000. Focus Partners Wealth purchased a new stake in shares of IAC in the 1st quarter worth $270,000. Empowered Funds LLC increased its stake in shares of IAC by 9.8% in the 1st quarter. Empowered Funds LLC now owns 8,037 shares of the company's stock worth $369,000 after purchasing an additional 718 shares in the last quarter. United Services Automobile Association purchased a new stake in shares of IAC in the 1st quarter worth $207,000. Finally, Caxton Associates LLP purchased a new stake in shares of IAC in the 1st quarter worth $694,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Truist Financial dropped their target price on shares of IAC from $61.00 to $57.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Piper Sandler dropped their target price on shares of IAC from $44.00 to $39.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. KeyCorp dropped their target price on shares of IAC from $49.00 to $45.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. JMP Securities dropped their target price on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating for the company in a report on Tuesday, June 10th. Finally, Benchmark dropped their price objective on shares of IAC from $63.00 to $60.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Twelve analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, IAC currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.92.

IAC Trading Down 4.7%

NASDAQ:IAC opened at $36.23 on Monday. IAC Inc. has a 12 month low of $32.04 and a 12 month high of $55.40. The firm has a fifty day simple moving average of $37.30 and a 200-day simple moving average of $37.96. 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 company has a market capitalization of $2.69 billion, a P/E ratio of -6.72 and a beta of 1.26.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $2.57 EPS for the quarter, topping the consensus estimate of ($0.30) by $2.87. The business 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 business's revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.71) earnings per share. On average, equities research analysts anticipate that IAC Inc. will post 0.43 earnings per share 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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