Blueshift Asset Management LLC Boosts Holdings in IAC Inc. $IAC

Blueshift Asset Management LLC lifted its stake in shares of IAC Inc. (NASDAQ:IAC) by 227.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 51,697 shares of the company’s stock after acquiring an additional 35,922 shares during the period. IAC accounts for 0.6% of Blueshift Asset Management LLC’s portfolio, making the stock its 21st largest position. Blueshift Asset Management LLC’s holdings in IAC were worth $1,930,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in IAC during the first quarter worth approximately $248,000. Cetera Investment Advisers raised its position in shares of IAC by 12.5% in the 1st quarter. Cetera Investment Advisers now owns 8,312 shares of the company’s stock worth $382,000 after buying an additional 921 shares during the period. Mackenzie Financial Corp boosted its holdings in IAC by 40.9% in the first quarter. Mackenzie Financial Corp now owns 11,580 shares of the company’s stock valued at $532,000 after acquiring an additional 3,360 shares during the last quarter. US Bancorp DE boosted its holdings in IAC by 21.9% in the first quarter. US Bancorp DE now owns 2,234 shares of the company’s stock valued at $103,000 after acquiring an additional 401 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in IAC by 148.0% during the first quarter. PNC Financial Services Group Inc. now owns 6,353 shares of the company’s stock valued at $292,000 after acquiring an additional 3,791 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Benchmark reduced their price objective on IAC from $60.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IAC in a research report on Wednesday, October 8th. Truist Financial decreased their price objective on shares of IAC from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. KeyCorp cut their target price on shares of IAC from $45.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, November 3rd. Finally, Piper Sandler reduced their target price on shares of IAC from $44.00 to $39.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, IAC has an average rating of “Moderate Buy” and a consensus target price of $46.73.

IAC Price Performance

IAC opened at $35.70 on Tuesday. The company has a fifty day simple moving average of $33.52 and a 200 day simple moving average of $35.97. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of -13.08 and a beta of 1.18. IAC Inc. has a twelve month low of $29.56 and a twelve month high of $50.49. The company has a current ratio of 2.56, a quick ratio of 2.56 and a debt-to-equity ratio of 0.29.

IAC (NASDAQ:IAC) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). The firm had revenue of $589.79 million during the quarter, compared to analyst estimates of $601.86 million. IAC had a negative return on equity of 4.61% and a negative net margin of 8.27%.The business’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($2.93) EPS. Equities research analysts expect that IAC Inc. will post 0.43 EPS 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.