IAC Inc. (NASDAQ:IAC) Short Interest Down 16.5% in December

IAC Inc. (NASDAQ:IAC) saw a significant decrease in short interest in the month of 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. Approximately 12.7% of the shares of the company are sold short. Based on an average daily volume of 991,900 shares, the days-to-cover ratio is currently 7.7 days. Based on an average daily volume of 991,900 shares, the days-to-cover ratio is currently 7.7 days. Approximately 12.7% of the shares of the company are sold short.

IAC Price Performance

NASDAQ IAC traded down $0.49 during midday trading on Thursday, hitting $39.10. The company had a trading volume of 838,849 shares, compared to its average volume of 1,009,477. The company has a market capitalization of $2.80 billion, a PE ratio of -14.32 and a beta of 1.18. The company has a current ratio of 2.56, a quick ratio of 2.56 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average price of $35.60 and a 200-day moving average price of $36.28. IAC has a twelve month low of $29.56 and a twelve month high of $50.49.

IAC (NASDAQ:IAC) last released its earnings results on Monday, November 3rd. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.03). The company 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 business’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same period last year, the company posted ($2.93) earnings per share. As a group, analysts anticipate that IAC will post 0.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IAC. KeyCorp decreased their price target on shares of IAC from $45.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, November 3rd. Jefferies Financial Group lifted their price target on IAC from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. JPMorgan Chase & Co. boosted their price target on IAC from $43.00 to $46.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Truist Financial decreased their price objective on IAC from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Finally, Oppenheimer downgraded IAC from an “outperform” rating to a “market perform” rating in a report on Monday, December 15th. Ten investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.67.

Hedge Funds Weigh In On IAC

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its position in shares of IAC by 12.7% during the 1st quarter. Royal Bank of Canada now owns 449,115 shares of the company’s stock worth $20,632,000 after acquiring an additional 50,463 shares in the last quarter. Maverick Capital Ltd. boosted its holdings in shares of IAC by 112.7% in the 1st quarter. Maverick Capital Ltd. now owns 18,874 shares of the company’s stock valued at $867,000 after purchasing an additional 10,000 shares in the last quarter. AREX Capital Management LP boosted its holdings in shares of IAC by 101.8% in the 1st quarter. AREX Capital Management LP now owns 55,500 shares of the company’s stock valued at $2,550,000 after purchasing an additional 28,000 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of IAC by 422.9% in the 1st quarter. AQR Capital Management LLC now owns 875,820 shares of the company’s stock valued at $40,025,000 after purchasing an additional 708,332 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of IAC during the 1st quarter worth $685,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.