Whitebox Advisors LLC Sells 515,321 Shares of IAC Inc. (NASDAQ:IAC)

Whitebox Advisors LLC reduced its position in shares of IAC Inc. (NASDAQ:IAC) by 38.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 833,259 shares of the company’s stock after selling 515,321 shares during the period. IAC makes up 1.2% of Whitebox Advisors LLC’s portfolio, making the stock its 14th biggest holding. Whitebox Advisors LLC owned about 1.04% of IAC worth $44,846,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Greenwich Wealth Management LLC raised its stake in IAC by 3.0% in the second quarter. Greenwich Wealth Management LLC now owns 9,635 shares of the company’s stock valued at $451,000 after purchasing an additional 284 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in IAC by 2.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 15,475 shares of the company’s stock worth $833,000 after buying an additional 405 shares in the last quarter. CWM LLC increased its holdings in shares of IAC by 55.6% in the 2nd quarter. CWM LLC now owns 1,142 shares of the company’s stock worth $54,000 after buying an additional 408 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of IAC by 1.6% during the 3rd quarter. Victory Capital Management Inc. now owns 31,686 shares of the company’s stock valued at $1,705,000 after buying an additional 490 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of IAC by 98.8% during the 3rd quarter. GAMMA Investing LLC now owns 990 shares of the company’s stock worth $53,000 after acquiring an additional 492 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on IAC shares. Barclays lowered their price target on IAC from $70.00 to $66.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 13th. Macquarie reiterated an “outperform” rating and set a $14.00 price objective on shares of IAC in a research report on Thursday, November 14th. TD Cowen reduced their price target on shares of IAC from $82.00 to $77.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. KeyCorp lowered their price objective on shares of IAC from $66.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Finally, Truist Financial cut their price objective on shares of IAC from $88.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.36.

IAC Price Performance

IAC stock opened at $47.55 on Friday. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.30. The firm’s 50-day moving average price is $50.57 and its two-hundred day moving average price is $50.19. The stock has a market capitalization of $3.83 billion, a price-to-earnings ratio of -110.58 and a beta of 1.31. IAC Inc. has a 12-month low of $43.51 and a 12-month high of $58.29.

IAC (NASDAQ:IAC) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($2.93) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($2.73). The business had revenue of $938.70 million for the quarter, compared to the consensus estimate of $922.62 million. IAC had a negative net margin of 0.34% and a negative return on equity of 5.63%. The company’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.30) EPS. As a group, equities analysts predict that IAC Inc. will post -3.97 earnings per share 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.