Investment Partners Asset Management Inc. Sells 614 Shares of IAC Inc. (NASDAQ:IAC)

Investment Partners Asset Management Inc. reduced its position in IAC Inc. (NASDAQ:IAC) by 5.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,750 shares of the company’s stock after selling 614 shares during the quarter. Investment Partners Asset Management Inc.’s holdings in IAC were worth $421,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. SG Americas Securities LLC increased its stake in IAC by 20.4% in the third quarter. SG Americas Securities LLC now owns 8,022 shares of the company’s stock valued at $432,000 after acquiring an additional 1,358 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of IAC by 98.8% in the 3rd quarter. GAMMA Investing LLC now owns 990 shares of the company’s stock valued at $53,000 after purchasing an additional 492 shares in the last quarter. Valeo Financial Advisors LLC bought a new position in shares of IAC in the 3rd quarter valued at $224,000. Creative Planning raised its holdings in shares of IAC by 55.7% during the 3rd quarter. Creative Planning now owns 14,380 shares of the company’s stock worth $774,000 after buying an additional 5,145 shares in the last quarter. Finally, Raymond James & Associates lifted its position in shares of IAC by 7.7% during the 3rd quarter. Raymond James & Associates now owns 48,353 shares of the company’s stock worth $2,602,000 after buying an additional 3,471 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IAC. UBS Group upgraded IAC to a “hold” rating in a research report on Monday, October 28th. Truist Financial decreased 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. Piper Sandler downgraded shares of IAC from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $68.00 to $54.00 in a research note on Tuesday, December 10th. Macquarie reaffirmed an “outperform” rating and set a $14.00 target price on shares of IAC in a research note on Thursday, November 14th. Finally, KeyCorp lowered their price target on shares of IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Three equities 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 company currently has a consensus rating of “Moderate Buy” and an average target price of $67.25.

IAC Stock Performance

NASDAQ IAC opened at $43.39 on Thursday. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of -100.90 and a beta of 1.32. 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 Inc. has a twelve month low of $39.61 and a twelve month high of $58.29. The stock has a fifty day simple moving average of $43.10 and a 200 day simple moving average of $48.21.

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

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.