Parkside Investments LLC Acquires 14,085 Shares of IAC Inc. $IAC

Key Points

• Parkside Investments LLC increased its holdings in IAC Inc. by 7.1% during the second quarter, acquiring an additional 14,085 shares, bringing its total to 211,902 shares valued at approximately $7.9 million.
• Recent analyst ratings reflect a mixed outlook for IAC, with price targets ranging from $41.00 to $57.00 and the majority of analysts rating it as a "Moderate Buy", suggesting cautious optimism surrounding its stock performance.
• IAC reported quarterly earnings of $2.57 per share, significantly exceeding analyst estimates, although the company experienced a 7.5% decline in revenue compared to the same quarter last year.

Parkside Investments LLC boosted its holdings in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 7.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 211,902 shares of the company's stock after buying an additional 14,085 shares during the period. IAC makes up about 1.1% of Parkside Investments LLC's holdings, making the stock its 29th largest holding. Parkside Investments LLC owned 0.29% of IAC worth $7,912,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. AlphaQuest LLC boosted its stake in IAC by 64.8% during the first quarter. AlphaQuest LLC now owns 3,187 shares of the company's stock valued at $146,000 after buying an additional 1,253 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in IAC during the first quarter worth about $1,107,000. Royal Bank of Canada lifted its stake in IAC by 12.7% during the first 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 during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in IAC during the first quarter worth about $2,590,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in IAC by 5.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,015,204 shares of the company's stock worth $46,638,000 after purchasing an additional 47,944 shares during the last quarter. Institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

IAC has been the subject of several research analyst reports. Truist Financial dropped their price target on IAC from $61.00 to $57.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. UBS Group lifted their price objective on IAC from $38.00 to $41.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Oppenheimer decreased their price objective on IAC from $60.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. KeyCorp reduced their price target on IAC from $49.00 to $45.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Finally, Wall Street Zen upgraded IAC from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Twelve research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, IAC currently has an average rating of "Moderate Buy" and a consensus price target of $47.92.

IAC Stock Performance

IAC stock opened at $35.15 on Tuesday. The stock's 50 day simple moving average is $36.61 and its 200 day simple moving average is $37.58. The stock has a market capitalization of $2.61 billion, a PE ratio of -6.52 and a beta of 1.26. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.29. IAC Inc. has a 12-month low of $32.04 and a 12-month high of $55.16.

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

About IAC

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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