IAC Inc. (NASDAQ:IAC) Sees Significant Decrease in Short Interest

IAC Inc. (NASDAQ:IAC) was the target of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 3,070,000 shares, a decline of 6.4% from the August 15th total of 3,280,000 shares. Approximately 4.1% of the shares of the company are short sold. Based on an average daily trading volume, of 572,500 shares, the days-to-cover ratio is currently 5.4 days.

Analysts Set New Price Targets

IAC has been the subject of several analyst reports. KeyCorp decreased their price objective on IAC from $67.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, August 16th. JMP Securities started coverage on IAC in a report on Tuesday, July 9th. They issued an “outperform” rating and a $78.00 price target for the company. Citigroup reduced their target price on IAC from $70.00 to $66.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Benchmark reissued a “buy” rating and set a $110.00 target price on shares of IAC in a report on Tuesday, August 27th. Finally, Barclays reduced their target price on IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.40.

IAC Trading Up 0.2 %

IAC stock traded up $0.11 during midday trading on Wednesday, hitting $53.58. 11,656 shares of the company’s stock were exchanged, compared to its average volume of 684,725. The business has a 50-day simple moving average of $50.71 and a two-hundred day simple moving average of $50.52. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $4.30 billion, a PE ratio of -33.84 and a beta of 1.32. IAC has a 1-year low of $41.39 and a 1-year high of $58.29.

IAC (NASDAQ:IAC) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.39). IAC had a negative return on equity of 2.35% and a negative net margin of 3.95%. The firm had revenue of $949.50 million for the quarter, compared to analysts’ expectations of $942.77 million. During the same quarter in the prior year, the business earned ($0.76) earnings per share. The company’s quarterly revenue was down 14.6% on a year-over-year basis. On average, sell-side analysts predict that IAC will post -0.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in IAC in the fourth quarter valued at $39,426,000. First Trust Advisors LP purchased a new position in IAC in the fourth quarter valued at $27,053,000. Principal Financial Group Inc. boosted its holdings in 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 purchasing an additional 337,268 shares during the period. DME Capital Management LP purchased a new position in IAC in the second quarter valued at $13,655,000. Finally, Bank of New York Mellon Corp raised its stake in IAC by 113.4% in the second quarter. Bank of New York Mellon Corp now owns 531,296 shares of the company’s stock valued at $24,891,000 after buying an additional 282,304 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

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.