IAC Inc. (NASDAQ:IAC) Position Trimmed by Whitebox Advisors LLC

Whitebox Advisors LLC lowered its position in IAC Inc. (NASDAQ:IAC - Free Report) by 3.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,348,580 shares of the company's stock after selling 53,974 shares during the quarter. IAC comprises 1.8% of Whitebox Advisors LLC's investment portfolio, making the stock its 9th largest holding. Whitebox Advisors LLC owned approximately 1.68% of IAC worth $63,181,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in shares of IAC in the first quarter valued at $27,000. International Assets Investment Management LLC bought a new position in shares of IAC in the second quarter valued at approximately $39,000. CWM LLC grew its stake in IAC by 55.6% during the second quarter. CWM LLC now owns 1,142 shares of the company's stock valued at $54,000 after acquiring an additional 408 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in IAC during the 2nd quarter worth approximately $60,000. Finally, Geneos Wealth Management Inc. purchased a new stake in IAC in the 1st quarter worth approximately $80,000. 88.90% of the stock is currently owned by institutional investors.

IAC Trading Down 1.9 %

NASDAQ:IAC traded down $1.03 during midday trading on Wednesday, reaching $53.01. 518,840 shares of the stock traded hands, compared to its average volume of 683,587. The company has a fifty day moving average of $51.24 and a 200 day moving average of $50.60. IAC Inc. has a 12 month low of $41.39 and a 12 month high of $58.29. The stock has a market capitalization of $4.26 billion, a P/E ratio of -33.66 and a beta of 1.32. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.68 and a current ratio of 2.68.

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

Analysts Set New Price Targets

Several research firms have recently weighed in on IAC. Benchmark reaffirmed a "buy" rating and issued a $110.00 price target on shares of IAC in a report on Tuesday, August 27th. KeyCorp lowered their price target on IAC from $67.00 to $66.00 and set an "overweight" rating on the stock in a report on Friday, August 16th. Citigroup cut their price objective on IAC from $70.00 to $66.00 and set a "buy" rating for the company in a report on Thursday, August 8th. Truist Financial raised their target price on shares of IAC from $87.00 to $88.00 and gave the company a "buy" rating in a research note on Thursday, August 8th. Finally, JMP Securities initiated coverage on shares of IAC in a research note on Tuesday, July 9th. They issued an "outperform" rating and a $78.00 price target for the company. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $76.40.

IAC 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.