Short Interest in IAC Inc. (NASDAQ:IAC) Drops By 13.2%

IAC Inc. (NASDAQ:IAC - Get Free Report) was the target of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 1,710,000 shares, a decline of 13.2% from the March 15th total of 1,970,000 shares. Based on an average daily trading volume, of 547,200 shares, the days-to-cover ratio is currently 3.1 days. Approximately 2.3% of the shares of the company are short sold.

IAC Price Performance

IAC stock traded down $1.38 during midday trading on Friday, reaching $48.19. The stock had a trading volume of 740,471 shares, compared to its average volume of 519,138. IAC has a 52-week low of $41.39 and a 52-week high of $69.85. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 19.43 and a beta of 1.32. The company's fifty day simple moving average is $53.12 and its 200 day simple moving average is $50.33. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.30.

IAC (NASDAQ:IAC - Get Free Report) last released its earnings results on Tuesday, February 13th. The company reported ($0.73) earnings per share for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.53). The business had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.06 billion. IAC had a negative return on equity of 4.15% and a net margin of 6.09%. As a group, sell-side analysts predict that IAC will post -1.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IAC. Raymond James Financial Services Advisors Inc. boosted its holdings in IAC by 20.2% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 5,339 shares of the company's stock valued at $535,000 after purchasing an additional 897 shares during the last quarter. American Century Companies Inc. increased its stake in IAC by 15.7% during the first quarter. American Century Companies Inc. now owns 4,292 shares of the company's stock worth $430,000 after acquiring an additional 582 shares during the last quarter. Bank of Montreal Can raised its position in IAC by 161.5% in the first quarter. Bank of Montreal Can now owns 12,479 shares of the company's stock valued at $1,304,000 after purchasing an additional 7,707 shares during the period. MetLife Investment Management LLC acquired a new position in shares of IAC in the 1st quarter valued at $153,000. Finally, Panagora Asset Management Inc. grew its holdings in shares of IAC by 98.7% during the 1st quarter. Panagora Asset Management Inc. now owns 14,912 shares of the company's stock worth $1,495,000 after purchasing an additional 7,406 shares during the period. Institutional investors and hedge funds own 88.90% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Barclays raised their price objective on shares of IAC from $62.00 to $72.00 and gave the stock an "overweight" rating in a research note on Thursday, February 15th. KeyCorp upped their price objective on shares of IAC from $68.00 to $70.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 13th. UBS Group raised their target price on IAC from $60.00 to $64.00 and gave the company a "neutral" rating in a research report on Thursday, February 15th. Finally, Truist Financial upped their price target on IAC from $77.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday, February 15th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $78.69.

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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