ShawSpring Partners LLC Has $109.88 Million Stake in IAC Inc. (NASDAQ:IAC)

ShawSpring Partners LLC lowered its stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 24.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,345,335 shares of the company's stock after selling 741,531 shares during the period. IAC makes up approximately 15.8% of ShawSpring Partners LLC's holdings, making the stock its biggest position. ShawSpring Partners LLC owned approximately 2.92% of IAC worth $109,879,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in IAC during the fourth quarter valued at $39,426,000. First Trust Advisors LP bought a new position in shares of IAC in the 4th quarter worth approximately $27,053,000. Principal Financial Group Inc. boosted its holdings in shares of IAC by 5,474.2% in the second quarter. Principal Financial Group Inc. now owns 343,429 shares of the company's stock worth $16,090,000 after buying an additional 337,268 shares during the last quarter. DME Capital Management LP bought a new stake in IAC during the second quarter valued at approximately $13,655,000. Finally, Bank of New York Mellon Corp increased its holdings in IAC by 113.4% during the second quarter. Bank of New York Mellon Corp now owns 531,296 shares of the company's stock valued at $24,891,000 after buying an additional 282,304 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on IAC. Barclays dropped their price target on shares of IAC from $73.00 to $70.00 and set an "overweight" rating on the stock in a research note on Thursday, August 8th. Benchmark reissued a "buy" rating and set a $110.00 price target on shares of IAC in a report on Tuesday, August 27th. Citigroup reduced their price target on IAC from $70.00 to $66.00 and set a "buy" rating for the company in a research report on Thursday, August 8th. Truist Financial lifted their price objective on IAC from $87.00 to $88.00 and gave the company a "buy" rating in a research report on Thursday, August 8th. Finally, JMP Securities assumed coverage on IAC in a research note on Tuesday, July 9th. They set an "outperform" rating and a $78.00 price objective 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 a consensus target price of $76.40.

IAC Price Performance

IAC traded up $0.03 on Friday, hitting $54.70. 713,312 shares of the company's stock traded hands, compared to its average volume of 683,342. The company's 50 day simple moving average is $51.38 and its 200-day simple moving average is $50.64. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.29. IAC Inc. has a one year low of $41.39 and a one year high of $58.29. The firm has a market cap of $4.39 billion, a price-to-earnings ratio of -34.73 and a beta of 1.32.

IAC (NASDAQ:IAC - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $949.50 million for the quarter, compared to analysts' expectations of $942.77 million. During the same period last year, the business earned ($0.76) earnings per share. The company's quarterly revenue was down 14.6% compared to the same quarter last year. As a group, research analysts anticipate that IAC Inc. will post -0.79 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.