ShawSpring Partners LLC Sells 765,407 Shares of IAC Inc. (NASDAQ:IAC)

ShawSpring Partners LLC lessened its holdings in shares of IAC Inc. (NASDAQ:IAC) by 32.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,579,928 shares of the company’s stock after selling 765,407 shares during the quarter. IAC comprises about 10.7% of ShawSpring Partners LLC’s holdings, making the stock its 5th biggest holding. ShawSpring Partners LLC owned about 1.97% of IAC worth $85,032,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in IAC. Tandem Capital Management Corp ADV raised its position in IAC by 0.6% in the 2nd quarter. Tandem Capital Management Corp ADV now owns 47,222 shares of the company’s stock valued at $2,192,000 after purchasing an additional 260 shares in the last quarter. Greenwich Wealth Management LLC raised its holdings in IAC by 3.0% in the second quarter. Greenwich Wealth Management LLC now owns 9,635 shares of the company’s stock valued at $451,000 after acquiring an additional 284 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in IAC by 2.7% in the third quarter. Nisa Investment Advisors LLC now owns 15,475 shares of the company’s stock worth $833,000 after acquiring an additional 405 shares during the last quarter. CWM LLC lifted its stake in IAC by 55.6% in the second quarter. CWM LLC now owns 1,142 shares of the company’s stock worth $54,000 after acquiring an additional 408 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in IAC by 1.6% during the 3rd quarter. Victory Capital Management Inc. now owns 31,686 shares of the company’s stock worth $1,705,000 after acquiring an additional 490 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

IAC Stock Down 1.6 %

Shares of IAC stock opened at $47.76 on Wednesday. The firm’s fifty day simple moving average is $51.47 and its 200-day simple moving average is $50.55. IAC Inc. has a 12 month low of $43.51 and a 12 month high of $58.29. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.

IAC (NASDAQ:IAC) last announced its earnings results on Tuesday, November 12th. The company reported ($2.93) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($2.73). IAC had a negative net margin of 0.34% and a negative return on equity of 5.63%. The business had revenue of $938.70 million during the quarter, compared to analysts’ expectations of $922.62 million. During the same period in the previous year, the company posted ($0.30) earnings per share. IAC’s quarterly revenue was down 15.5% on a year-over-year basis. As a group, analysts anticipate that IAC Inc. will post -3.97 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Benchmark reaffirmed a “buy” rating and set a $110.00 price objective on shares of IAC in a research report on Tuesday, November 12th. TD Cowen dropped their price objective on IAC from $82.00 to $77.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. UBS Group upgraded IAC to a “hold” rating in a research note on Monday, October 28th. Truist Financial lowered their price target on IAC from $88.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Finally, Macquarie reissued an “outperform” rating and set a $14.00 price objective on shares of IAC in a report on Thursday, November 14th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, IAC has a consensus rating of “Moderate Buy” and an average target price of $70.36.

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.