IAC Inc. (NASDAQ:IAC) Sees Large Drop in Short Interest

IAC Inc. (NASDAQ:IAC) was the target of a significant decrease in short interest in December. As of December 15th, there was short interest totaling 7,645,888 shares, a decrease of 16.5% from the November 30th total of 9,160,500 shares. Currently, 12.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 991,900 shares, the days-to-cover ratio is currently 7.7 days. Based on an average daily trading volume, of 991,900 shares, the days-to-cover ratio is currently 7.7 days. Currently, 12.7% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several research firms have issued reports on IAC. Benchmark cut their price target on shares of IAC from $60.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Oppenheimer lowered IAC from an “outperform” rating to a “market perform” rating in a research report on Monday, December 15th. JPMorgan Chase & Co. increased their price objective on IAC from $43.00 to $46.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. KeyCorp lowered their price target on shares of IAC from $45.00 to $41.00 and set an “overweight” rating for the company in a report on Monday, November 3rd. Finally, Wall Street Zen lowered shares of IAC from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Ten analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, IAC currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.67.

IAC Price Performance

Shares of IAC stock traded down $0.36 on Wednesday, hitting $39.23. The company’s stock had a trading volume of 348,384 shares, compared to its average volume of 1,136,717. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -14.37 and a beta of 1.18. The firm has a fifty day moving average price of $35.49 and a 200-day moving average price of $36.26. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.56 and a current ratio of 2.56. IAC has a 1 year low of $29.56 and a 1 year high of $50.49.

IAC (NASDAQ:IAC) last announced its earnings results on Monday, November 3rd. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.03). The business had revenue of $589.79 million for the quarter, compared to analyst estimates of $601.86 million. IAC had a negative return on equity of 4.61% and a negative net margin of 8.27%.The company’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($2.93) earnings per share. As a group, sell-side analysts anticipate that IAC will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IAC

Hedge funds and other institutional investors have recently modified their holdings of the business. Advisory Services Network LLC purchased a new position in IAC in the third quarter worth approximately $38,000. JFS Wealth Advisors LLC acquired a new stake in IAC in the 3rd quarter valued at approximately $39,000. GAMMA Investing LLC raised its position in IAC by 48.5% in the second quarter. GAMMA Investing LLC now owns 1,124 shares of the company’s stock valued at $42,000 after purchasing an additional 367 shares during the period. Farther Finance Advisors LLC lifted its stake in IAC by 240.3% during the second quarter. Farther Finance Advisors LLC now owns 1,174 shares of the company’s stock worth $44,000 after purchasing an additional 829 shares in the last quarter. Finally, Atticus Wealth Management LLC purchased a new position in shares of IAC during the second quarter worth $51,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

About IAC

IAC (NASDAQ: IAC) is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company’s operations span North America and parts of Europe, where its brands reach millions of visitors each month.

In the digital publishing space, IAC’s Dotdash Meredith division develops original content and data‐driven journalism across more than a dozen specialty sites.