Bank of America Corp DE Decreases Holdings in IAC Inc. (NASDAQ:IAC)

Bank of America Corp DE cut its stake in shares of IAC Inc. (NASDAQ:IAC) by 55.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 223,781 shares of the company’s stock after selling 280,823 shares during the period. Bank of America Corp DE owned about 0.28% of IAC worth $9,654,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of IAC. Aster Capital Management DIFC Ltd boosted its holdings in IAC by 287.4% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 616 shares of the company’s stock worth $27,000 after buying an additional 457 shares during the period. Bank Julius Baer & Co. Ltd Zurich bought a new position in IAC in the 4th quarter worth $41,000. MassMutual Private Wealth & Trust FSB boosted its holdings in IAC by 1,398.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,053 shares of the company’s stock worth $89,000 after buying an additional 1,916 shares during the period. Aquatic Capital Management LLC bought a new position in IAC in the 4th quarter worth $135,000. Finally, Allworth Financial LP boosted its holdings in IAC by 1,193.4% in the 4th quarter. Allworth Financial LP now owns 3,337 shares of the company’s stock worth $139,000 after buying an additional 3,079 shares during the period. Institutional investors own 88.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. The Goldman Sachs Group dropped their target price on shares of IAC from $60.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Oppenheimer dropped their price objective on shares of IAC from $72.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. UBS Group dropped their price objective on shares of IAC from $54.00 to $38.00 and set a “neutral” rating for the company in a report on Wednesday, May 7th. Cowen reissued a “buy” rating on shares of IAC in a report on Monday, May 5th. Finally, Truist Financial dropped their price objective on shares of IAC from $80.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, IAC has an average rating of “Moderate Buy” and an average price target of $55.38.

IAC Trading Down 0.6%

NASDAQ:IAC opened at $36.31 on Friday. IAC Inc. has a 12 month low of $32.05 and a 12 month high of $55.40. The firm has a fifty day simple moving average of $37.91 and a 200-day simple moving average of $42.57. The company has a current ratio of 2.80, a quick ratio of 2.75 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $2.69 billion, a P/E ratio of -5.57 and a beta of 1.24.

IAC (NASDAQ:IAC) last posted its earnings results on Monday, May 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.94) by $1.14. The company had revenue of $570.49 million during the quarter, compared to the consensus estimate of $809.18 million. IAC had a negative net margin of 14.18% and a negative return on equity of 7.98%. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.51 earnings per share. On average, equities research analysts anticipate that IAC Inc. will post 0.43 earnings per share for the current year.

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.