Harspring Capital Management LLC Sells 150,000 Shares of IAC Inc. (NASDAQ:IAC)

Harspring Capital Management LLC cut its stake in shares of IAC Inc. (NASDAQ:IAC) by 17.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 710,000 shares of the company’s stock after selling 150,000 shares during the quarter. IAC accounts for approximately 8.4% of Harspring Capital Management LLC’s holdings, making the stock its 5th biggest position. Harspring Capital Management LLC’s holdings in IAC were worth $33,264,000 at the end of the most recent reporting period.

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

IAC Stock Down 0.5 %

Shares of NASDAQ:IAC opened at $54.36 on Friday. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $4.37 billion, a P/E ratio of -34.41 and a beta of 1.32. IAC Inc. has a 52-week low of $41.39 and a 52-week high of $58.29. The stock’s fifty day simple moving average is $51.07 and its 200-day simple moving average is $50.57.

IAC (NASDAQ:IAC) last released its 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). The firm had revenue of $949.50 million during the quarter, compared to analysts’ expectations of $942.77 million. IAC had a negative net margin of 3.95% and a negative return on equity of 2.35%. IAC’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.76) earnings per share. As a group, equities research analysts forecast that IAC Inc. will post -0.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on IAC shares. Benchmark reiterated a “buy” rating and issued a $110.00 price target on shares of IAC in a report on Tuesday, August 27th. Citigroup reduced their price target on shares of IAC from $70.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. 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. Barclays reduced their price objective on IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Finally, JMP Securities initiated coverage on IAC in a report on Tuesday, July 9th. They issued an “outperform” rating and a $78.00 target price on the stock. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, IAC has a consensus rating of “Moderate Buy” and an average price target of $76.40.

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.