Quest Partners LLC Increases Stock Position in IAC Inc. (NASDAQ:IAC)

Quest Partners LLC grew its holdings in IAC Inc. (NASDAQ:IAC) by 2,546.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 21,701 shares of the company’s stock after buying an additional 20,881 shares during the period. Quest Partners LLC’s holdings in IAC were worth $1,168,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in IAC. Principal Financial Group Inc. raised its holdings in shares of IAC by 5,474.2% in the second quarter. Principal Financial Group Inc. now owns 343,429 shares of the company’s stock valued at $16,090,000 after buying an additional 337,268 shares during the last quarter. DME Capital Management LP purchased a new stake in shares of IAC in the second quarter valued at about $13,655,000. Bank of New York Mellon Corp raised its holdings in IAC by 113.4% during the second quarter. Bank of New York Mellon Corp now owns 531,296 shares of the company’s stock worth $24,891,000 after purchasing an additional 282,304 shares in the last quarter. Swedbank AB purchased a new position in IAC during the first quarter worth about $11,460,000. Finally, Public Sector Pension Investment Board purchased a new position in IAC during the second quarter worth about $7,200,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on IAC shares. Truist Financial cut their price target on shares of IAC from $88.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Macquarie reissued an “outperform” rating and set a $14.00 price target on shares of IAC in a report on Thursday, November 14th. TD Cowen cut their price target on shares of IAC from $82.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. KeyCorp cut their price target on shares of IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, August 16th. Finally, Barclays cut their price target on shares of IAC from $70.00 to $66.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.91.

IAC Stock Up 0.9 %

IAC stock opened at $47.65 on Wednesday. The company’s 50 day simple moving average is $51.87 and its 200-day simple moving average is $50.81. The firm has a market capitalization of $3.83 billion, a PE ratio of -110.81 and a beta of 1.33. IAC Inc. has a 12 month low of $43.51 and a 12 month high of $58.29. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 2.75.

IAC (NASDAQ:IAC) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.93) EPS for the quarter, missing the consensus estimate of ($0.20) by ($2.73). The business had revenue of $938.70 million during the quarter, compared to analyst estimates of $922.62 million. IAC had a negative net margin of 0.34% and a negative return on equity of 5.63%. The firm’s revenue for the quarter was down 15.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.30) earnings per share. Equities analysts expect that IAC Inc. will post -3.97 earnings per share for the current fiscal 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.