IAC Inc. (NASDAQ:IAC) Shares Bought by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. significantly increased its stake in IAC Inc. by 119.5%, owning nearly 78,000 shares valued at approximately $3.58 million as of Q1.
• Multiple analysts have revised their price targets for IAC, with Goldman Sachs reducing it from $60 to $46 while maintaining a "buy" rating, and JMP Securities lowering theirs from $64 to $47 with a "market outperform" rating.
• IAC reported a quarterly loss of $2.80 per share, which was better than the expected loss of $3.94, but revenue dropped 8.6% year-over-year, totaling $570.49 million against a consensus estimate of $809.18 million.

Victory Capital Management Inc. grew its position in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 119.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,996 shares of the company's stock after purchasing an additional 42,465 shares during the period. Victory Capital Management Inc. owned approximately 0.10% of IAC worth $3,583,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its position in shares of IAC by 2.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 11,532 shares of the company's stock worth $497,000 after acquiring an additional 320 shares during the period. Bleakley Financial Group LLC increased its position in shares of IAC by 1.0% during the first quarter. Bleakley Financial Group LLC now owns 33,097 shares of the company's stock worth $1,520,000 after acquiring an additional 324 shares during the period. Versant Capital Management Inc increased its position in shares of IAC by 118.6% during the first quarter. Versant Capital Management Inc now owns 680 shares of the company's stock worth $31,000 after acquiring an additional 369 shares during the period. TD Private Client Wealth LLC increased its position in shares of IAC by 282.2% during the first quarter. TD Private Client Wealth LLC now owns 581 shares of the company's stock worth $27,000 after acquiring an additional 429 shares during the period. Finally, Aster Capital Management DIFC Ltd increased its position in shares of IAC by 287.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 616 shares of the company's stock worth $27,000 after acquiring an additional 457 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IAC has been the topic of a number of recent research reports. The Goldman Sachs Group cut their price objective on IAC from $60.00 to $46.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Piper Sandler dropped their target price on IAC from $54.00 to $44.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Barclays dropped their target price on IAC from $61.00 to $52.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. JMP Securities dropped 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. Finally, Cowen reissued a "buy" rating on shares of IAC in a report on Monday, May 5th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $54.08.

IAC Stock Performance

Shares of IAC stock traded down $0.24 during mid-day trading on Thursday, hitting $39.06. 181,231 shares of the stock were exchanged, compared to its average volume of 1,023,261. The stock's fifty day simple moving average is $38.18 and its two-hundred day simple moving average is $39.99. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of -4.03 and a beta of 1.23. IAC Inc. has a 12-month low of $32.04 and a 12-month high of $55.40. 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 (NASDAQ:IAC - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.94) by $1.14. The company had revenue of $570.49 million for the quarter, compared to analyst estimates of $809.18 million. IAC had a negative return on equity of 11.11% and a negative net margin of 23.25%. The business's quarterly revenue was down 8.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.51 earnings per share. On average, analysts forecast that IAC Inc. will post 0.43 EPS for the current year.

IAC Company 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.