QRG Capital Management Inc. Buys 8,769 Shares of IAC Inc. $IAC

Key Points

• QRG Capital Management Inc. increased its stake in IAC Inc. by 16.0%, acquiring an additional 8,769 shares, bringing its total ownership to approximately 63,490 shares, valued at $2,371,000.
• Several other hedge funds also substantially increased their positions in IAC, with TD Private Client Wealth LLC boosting its stake by 282.2% during the first quarter.
• The average rating for IAC stock is currently a Moderate Buy with an average price target of $47.92, despite analysts recently lowering their price targets.

QRG Capital Management Inc. lifted its stake in IAC Inc. (NASDAQ:IAC - Free Report) by 16.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 63,490 shares of the company's stock after buying an additional 8,769 shares during the period. QRG Capital Management Inc. owned about 0.09% of IAC worth $2,371,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. TD Private Client Wealth LLC lifted its stake in shares of IAC by 282.2% in the first quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock valued at $27,000 after buying an additional 429 shares during the period. Fifth Third Bancorp lifted its stake in IAC by 426.1% during the first quarter. Fifth Third Bancorp now owns 626 shares of the company's stock worth $29,000 after purchasing an additional 507 shares during the period. Parallel Advisors LLC lifted its stake in IAC by 1,422.0% during the first quarter. Parallel Advisors LLC now owns 624 shares of the company's stock worth $29,000 after purchasing an additional 583 shares during the period. GAMMA Investing LLC lifted its stake in IAC by 219.4% during the first quarter. GAMMA Investing LLC now owns 757 shares of the company's stock worth $35,000 after purchasing an additional 520 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in IAC by 240.3% during the second quarter. Farther Finance Advisors LLC now owns 1,174 shares of the company's stock worth $44,000 after purchasing an additional 829 shares during the period. Institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Oppenheimer cut their price target on shares of IAC from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, August 6th. Benchmark cut their price target on shares of IAC from $63.00 to $60.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Piper Sandler cut their price target 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. Wall Street Zen raised shares of IAC from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, UBS Group boosted their target price on IAC from $38.00 to $41.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, IAC has an average rating of "Moderate Buy" and an average price target of $47.92.

IAC Price Performance

IAC opened at $33.47 on Wednesday. The company has a fifty day moving average price of $35.84 and a two-hundred day moving average price of $37.08. 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 Inc. has a 52 week low of $32.04 and a 52 week high of $55.16. The firm has a market capitalization of $2.49 billion, a PE ratio of -6.21 and a beta of 1.23.

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