IAC (NASDAQ:IAC) Shares Gap Up - Here's Why

IAC Inc. (NASDAQ:IAC - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $41.00, but opened at $42.60. IAC shares last traded at $43.54, with a volume of 459,624 shares.

Wall Street Analyst Weigh In

Several research firms have issued reports on IAC. UBS Group cut their price target on IAC from $55.00 to $54.00 and set a "neutral" rating for the company in a report on Thursday. JMP Securities reduced their price objective on IAC from $70.00 to $64.00 and set a "market outperform" rating on the stock in a research note on Thursday. Truist Financial lowered their price objective on IAC from $80.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday. Oppenheimer decreased their price objective on shares of IAC from $72.00 to $70.00 and set an "outperform" rating for the company in a research note on Thursday. Finally, Citigroup upped their price target on shares of IAC from $56.00 to $58.00 and gave the stock a "buy" rating in a report on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $64.33.

IAC Price Performance

The stock has a 50-day moving average price of $43.08 and a 200 day moving average price of $48.15. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of -109.26 and a beta of 1.32. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 2.75.

Hedge Funds Weigh In On IAC

Institutional investors have recently made changes to their positions in the stock. Whitebox Advisors LLC grew its stake in shares of IAC by 12.7% during the 4th quarter. Whitebox Advisors LLC now owns 939,259 shares of the company's stock valued at $40,520,000 after buying an additional 106,000 shares during the period. Schonfeld Strategic Advisors LLC lifted its holdings in IAC by 806.3% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 44,352 shares of the company's stock worth $1,913,000 after buying an additional 39,458 shares in the last quarter. AQR Capital Management LLC boosted its holdings in IAC by 58.2% in the fourth quarter. AQR Capital Management LLC now owns 167,488 shares of the company's stock valued at $7,194,000 after purchasing an additional 61,627 shares during the last quarter. Northern Trust Corp increased its stake in shares of IAC by 6.8% in the fourth quarter. Northern Trust Corp now owns 467,587 shares of the company's stock worth $20,172,000 after buying an additional 29,627 shares during the last quarter. Finally, III Capital Management bought a new position in shares of IAC during the fourth quarter worth about $4,314,000. 88.90% of the stock is owned by institutional investors and hedge funds.

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.