Edgestream Partners L.P. Boosts Stock Holdings in IAC Inc. (NASDAQ:IAC)

Edgestream Partners L.P. lifted its holdings in IAC Inc. (NASDAQ:IAC) by 47.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 15,877 shares of the company’s stock after acquiring an additional 5,102 shares during the quarter. Edgestream Partners L.P.’s holdings in IAC were worth $744,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IAC. Riverview Trust Co bought a new stake in IAC during the first quarter valued at about $27,000. International Assets Investment Management LLC purchased a new stake in shares of IAC during the second quarter valued at about $39,000. CWM LLC boosted 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 valued at $54,000 after buying an additional 408 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of IAC in the 2nd quarter worth approximately $60,000. Finally, Geneos Wealth Management Inc. bought a new position in shares of IAC during the 1st quarter worth approximately $80,000. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on IAC. Truist Financial raised their target price on shares of IAC from $87.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Barclays lowered their price objective on IAC from $73.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Citigroup reduced their target price on IAC from $70.00 to $66.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Benchmark reissued a “buy” rating and issued a $110.00 price target on shares of IAC in a report on Tuesday, August 27th. Finally, JMP Securities began coverage on shares of IAC in a report on Tuesday, July 9th. They set an “outperform” rating and a $78.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, IAC has a consensus rating of “Moderate Buy” and an average price target of $76.40.

IAC Price Performance

Shares of NASDAQ IAC opened at $54.36 on Friday. IAC Inc. has a 52 week low of $41.39 and a 52 week high of $58.29. The business’s 50 day moving average price is $51.07 and its 200 day moving average price is $50.57. 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 firm has a market cap of $4.37 billion, a P/E ratio of -34.41 and a beta of 1.32.

IAC (NASDAQ:IAC) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($1.71) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.39). The business had revenue of $949.50 million for the quarter, compared to analyst estimates of $942.77 million. IAC had a negative net margin of 3.95% and a negative return on equity of 2.35%. The business’s revenue was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.76) earnings per share. On average, sell-side analysts expect that IAC Inc. will post -0.79 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.