Pinnacle Associates Ltd. Sells 20,372 Shares of IAC Inc. (NASDAQ:IAC)

Key Points

• Pinnacle Associates Ltd. reduced its stake in IAC Inc. by 8.7% during Q1, owning 212,664 shares valued at approximately $9.77 million as of the latest SEC filing.
• Several investors, including Aster Capital Management and TD Private Client Wealth LLC, significantly increased their holdings in IAC, reflecting a growing interest in the company.
• IAC reported a Q1 earnings per share of ($2.80), beating estimates, but noted an 8.6% year-over-year revenue decline with a current stock price of $40.65 and a consensus price target of $54.08 from analysts.

Pinnacle Associates Ltd. lowered its stake in IAC Inc. (NASDAQ:IAC - Free Report) by 8.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 212,664 shares of the company's stock after selling 20,372 shares during the quarter. Pinnacle Associates Ltd. owned about 0.27% of IAC worth $9,770,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new position in shares of IAC in the 1st quarter worth approximately $1,107,000. Bryce Point Capital LLC purchased a new position in shares of IAC in the 4th quarter worth approximately $595,000. Allspring Global Investments Holdings LLC purchased a new position in shares of IAC in the 1st quarter worth approximately $2,590,000. Vanguard Group Inc. boosted its holdings in shares of IAC by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 7,906,737 shares of the company's stock worth $341,097,000 after purchasing an additional 43,772 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of IAC by 24.7% in the 4th quarter. Invesco Ltd. now owns 341,507 shares of the company's stock worth $14,733,000 after purchasing an additional 67,746 shares during the period. Institutional investors own 88.90% of the company's stock.

IAC Stock Up 0.2%

Shares of IAC stock traded up $0.09 during trading hours on Friday, hitting $40.65. 1,023,827 shares of the company were exchanged, compared to its average volume of 676,933. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.70 and a current ratio of 2.70. IAC Inc. has a one year low of $32.04 and a one year high of $55.40. The business's 50-day simple moving average is $38.02 and its two-hundred day simple moving average is $40.02. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of -4.20 and a beta of 1.23.

IAC (NASDAQ:IAC - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($3.94) by $1.14. IAC had a negative net margin of 23.25% and a negative return on equity of 11.11%. The firm had revenue of $570.49 million for the quarter, compared to analysts' expectations of $809.18 million. During the same quarter last year, the company posted $0.51 earnings per share. IAC's revenue was down 8.6% on a year-over-year basis. Sell-side analysts predict that IAC Inc. will post 0.43 EPS for the current fiscal year.

Analyst Ratings Changes

IAC has been the subject of a number of recent analyst reports. Piper Sandler dropped their price objective on IAC from $54.00 to $44.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. UBS Group dropped their price objective on IAC from $54.00 to $38.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. KeyCorp dropped their price objective on IAC from $64.00 to $49.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Barclays dropped their price objective on IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Finally, Citigroup dropped their price objective on IAC from $47.55 to $45.00 and set a "buy" rating for the company in a report on Friday, April 25th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $54.08.

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.