IAC Inc. (NASDAQ:IAC) Short Interest Down 9.4% in October

IAC Inc. (NASDAQ:IAC) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 2,110,000 shares, a decrease of 9.4% from the October 15th total of 2,330,000 shares. Approximately 2.8% of the shares of the company are sold short. Based on an average daily volume of 486,500 shares, the days-to-cover ratio is presently 4.3 days.

Institutional Trading of IAC

Several large investors have recently made changes to their positions in IAC. Principal Financial Group Inc. boosted its position in shares of IAC by 5,474.2% during the 2nd quarter. Principal Financial Group Inc. now owns 343,429 shares of the company’s stock worth $16,090,000 after acquiring an additional 337,268 shares in the last quarter. DME Capital Management LP bought a new position in IAC in the 2nd quarter valued at approximately $13,655,000. Bank of New York Mellon Corp lifted its stake in IAC by 113.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 531,296 shares of the company’s stock valued at $24,891,000 after purchasing an additional 282,304 shares during the last quarter. Swedbank AB bought a new position in IAC in the 1st quarter valued at approximately $11,460,000. Finally, Public Sector Pension Investment Board bought a new position in IAC in the 2nd quarter valued at approximately $7,200,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

IAC Stock Performance

Shares of NASDAQ:IAC traded up $0.26 on Monday, reaching $47.21. 647,218 shares of the company’s stock were exchanged, compared to its average volume of 665,490. The company has a current ratio of 2.75, a quick ratio of 2.68 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of -109.19 and a beta of 1.33. The company has a fifty day moving average of $51.97 and a 200-day moving average of $50.91. IAC has a twelve month low of $43.51 and a twelve month high of $58.29.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on IAC. KeyCorp lowered their price target on shares of IAC from $67.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Truist Financial lowered their price target on shares of IAC from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Citigroup lowered their price target on shares of IAC from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Barclays lowered their price target on shares of IAC from $70.00 to $66.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. Finally, Macquarie reissued an “outperform” rating and issued a $14.00 price target on shares of IAC in a report on Thursday. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.91.

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.