IAC Inc. $IAC Holdings Lifted by Ursa Fund Management LLC

Key Points

• Ursa Fund Management LLC increased its stake in IAC Inc. by 60.0%, owning 24,000 shares after adding 9,000 shares in the first quarter, making it the firm's fifth largest position.
• Various institutional investors have shown significant interest in IAC, with 88.90% of the company's stock now held by institutional investors and hedge funds.
• Despite beating analyst estimates with an EPS of $2.57, IAC's revenue dropped by 7.5% year-over-year, totaling $586.93 million in the last quarter.

Ursa Fund Management LLC raised its stake in IAC Inc. (NASDAQ:IAC - Free Report) by 60.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,000 shares of the company's stock after buying an additional 9,000 shares during the period. IAC makes up approximately 2.8% of Ursa Fund Management LLC's holdings, making the stock its 5th largest holding. Ursa Fund Management LLC's holdings in IAC were worth $1,103,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Murchinson Ltd. purchased a new stake in IAC during the first quarter worth $1,148,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of IAC during the 1st quarter worth $685,000. AQR Capital Management LLC boosted its position in shares of IAC by 422.9% in the 1st quarter. AQR Capital Management LLC now owns 875,820 shares of the company's stock worth $40,025,000 after buying an additional 708,332 shares in the last quarter. AREX Capital Management LP grew its stake in IAC by 101.8% in the 1st quarter. AREX Capital Management LP now owns 55,500 shares of the company's stock valued at $2,550,000 after acquiring an additional 28,000 shares during the last quarter. Finally, Maverick Capital Ltd. grew its stake in IAC by 112.7% in the 1st quarter. Maverick Capital Ltd. now owns 18,874 shares of the company's stock valued at $867,000 after acquiring an additional 10,000 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

IAC Trading Down 1.5%

Shares of IAC stock traded down $0.55 during mid-day trading on Friday, hitting $36.20. 399,723 shares of the company's stock were exchanged, compared to its average volume of 1,111,078. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of -6.73 and a beta of 1.26. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. IAC Inc. has a fifty-two week low of $32.04 and a fifty-two week high of $55.40. The stock has a 50-day simple moving average of $37.67 and a two-hundred day simple moving average of $38.43.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on IAC shares. KeyCorp reduced their price target on shares of IAC from $49.00 to $45.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Piper Sandler reduced their target price on IAC from $44.00 to $39.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. JMP Securities lowered their target price on IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a report on Tuesday, June 10th. Benchmark cut their price target on IAC from $63.00 to $60.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Finally, UBS Group upped their price objective on IAC from $38.00 to $41.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Twelve analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $47.92.

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.