Short Interest in IAC Inc. (NASDAQ:IAC) Rises By 8.3%

IAC Inc. (NASDAQ:IAC) was the recipient of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 2,090,000 shares, a growth of 8.3% from the November 15th total of 1,930,000 shares. Approximately 2.8% of the company’s shares are sold short. Based on an average trading volume of 565,900 shares, the short-interest ratio is currently 3.7 days.

Analyst Ratings Changes

Several analysts recently commented on the company. Macquarie reiterated an “outperform” rating and issued a $14.00 target price on shares of IAC in a report on Thursday, November 14th. Barclays lowered their target price on shares of IAC from $70.00 to $66.00 and set an “overweight” rating for the company in a research note on Wednesday, November 13th. Piper Sandler lowered IAC from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $68.00 to $54.00 in a research report on Tuesday, December 10th. KeyCorp decreased their target price on IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, UBS Group raised IAC to a “hold” rating in a research note on Monday, October 28th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.33.

Institutional Trading of IAC

A number of institutional investors have recently modified their holdings of IAC. CWM LLC lifted its position in shares of IAC by 55.6% in the 2nd quarter. CWM LLC now owns 1,142 shares of the company’s stock worth $54,000 after purchasing an additional 408 shares during the period. SG Americas Securities LLC purchased a new position in shares of IAC in the 2nd quarter valued at approximately $312,000. 1620 Investment Advisors Inc. bought a new stake in shares of IAC during the second quarter valued at approximately $60,000. Louisiana State Employees Retirement System bought a new position in IAC in the second quarter worth $1,649,000. Finally, Bank of New York Mellon Corp grew its holdings 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 worth $24,891,000 after purchasing an additional 282,304 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

IAC Price Performance

IAC traded down $0.21 during midday trading on Tuesday, hitting $44.56. The stock had a trading volume of 121,644 shares, compared to its average volume of 660,824. The company has a market cap of $3.59 billion, a P/E ratio of -104.12 and a beta of 1.31. IAC has a 1 year low of $43.51 and a 1 year high of $58.29. The business has a fifty day moving average of $49.74 and a 200 day moving average of $50.01. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.75 and a current ratio of 2.75.

IAC (NASDAQ:IAC) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($2.93) earnings per share (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 company had revenue of $938.70 million for the quarter, compared to the consensus estimate of $922.62 million. During the same period last year, the business posted ($0.30) earnings per share. The firm’s quarterly revenue was down 15.5% compared to the same quarter last year. As a group, equities analysts forecast that IAC will post -3.97 earnings per share 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.