Parkside Investments LLC Lowers Stock Position in IAC Inc. (NASDAQ:IAC)

Parkside Investments LLC decreased its position in IAC Inc. (NASDAQ:IAC) by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 205,662 shares of the company’s stock after selling 4,612 shares during the quarter. Parkside Investments LLC owned 0.26% of IAC worth $8,872,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Empirical Asset Management LLC purchased a new stake in IAC during the 4th quarter worth approximately $7,794,000. Marshall Wace LLP purchased a new stake in IAC during the 2nd quarter worth about $5,644,000. Assenagon Asset Management S.A. raised its position in IAC by 452.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 102,883 shares of the company’s stock valued at $4,438,000 after purchasing an additional 84,259 shares in the last quarter. Sanctuary Advisors LLC boosted its stake in shares of IAC by 581.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 98,307 shares of the company’s stock valued at $5,291,000 after buying an additional 83,878 shares during the period. Finally, WCM Investment Management LLC grew its position in shares of IAC by 25.0% during the third quarter. WCM Investment Management LLC now owns 379,556 shares of the company’s stock worth $20,762,000 after buying an additional 75,918 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on IAC. Piper Sandler cut shares of IAC from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $68.00 to $54.00 in a report on Tuesday, December 10th. KeyCorp decreased their price objective on shares of IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. UBS Group raised IAC to a “hold” rating in a report on Monday, October 28th. Citigroup decreased their price target on IAC from $60.00 to $56.00 and set a “buy” rating for the company in a report on Friday, January 3rd. Finally, TD Cowen lowered their price objective on IAC from $82.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, IAC presently has an average rating of “Moderate Buy” and a consensus price target of $67.50.

IAC Price Performance

IAC stock opened at $42.59 on Monday. The firm has a market capitalization of $3.43 billion, a PE ratio of -99.04 and a beta of 1.32. IAC Inc. has a 52 week low of $39.61 and a 52 week high of $58.29. The firm’s 50-day simple moving average is $44.51 and its 200 day simple moving average is $48.96. 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 issued its quarterly earnings data on Tuesday, November 12th. The company reported ($2.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($2.73). IAC had a negative return on equity of 5.63% and a negative net margin of 0.34%. The business had revenue of $938.70 million for the quarter, compared to analysts’ expectations of $922.62 million. During the same period last year, the business earned ($0.30) earnings per share. The company’s revenue for the quarter was down 15.5% on a year-over-year basis. On average, equities research analysts predict that IAC Inc. will post -3.97 EPS for the current fiscal year.

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.