Point72 Asset Management L.P. Makes New $6.28 Million Investment in IAC Inc. (NASDAQ:IAC)

Point72 Asset Management L.P. acquired a new position in shares of IAC Inc. (NASDAQ:IAC) in the 4th quarter, Holdings Channel.com reports. The firm acquired 145,661 shares of the company’s stock, valued at approximately $6,284,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC grew its position in shares of IAC by 1,666.9% during the 4th quarter. Millennium Management LLC now owns 249,603 shares of the company’s stock worth $10,768,000 after buying an additional 235,476 shares during the period. Jefferies Financial Group Inc. bought a new stake in IAC in the 4th quarter valued at approximately $276,000. Gotham Asset Management LLC raised its stake in shares of IAC by 68.4% during the 4th quarter. Gotham Asset Management LLC now owns 26,244 shares of the company’s stock worth $1,132,000 after purchasing an additional 10,659 shares in the last quarter. D. E. Shaw & Co. Inc. bought a new stake in shares of IAC during the 4th quarter worth approximately $3,157,000. Finally, Corvex Management LP raised its stake in shares of IAC by 61.8% during the 4th quarter. Corvex Management LP now owns 2,410,370 shares of the company’s stock worth $103,983,000 after purchasing an additional 920,875 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

IAC Trading Down 0.8%

Shares of IAC stock opened at $37.50 on Tuesday. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of -5.75 and a beta of 1.24. The stock has a 50-day moving average of $38.63 and a 200-day moving average of $42.84. The company has a current ratio of 2.80, a quick ratio of 2.75 and a debt-to-equity ratio of 0.31. IAC Inc. has a 1-year low of $32.05 and a 1-year high of $55.49.

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

Analyst Ratings Changes

IAC has been the topic of a number of recent analyst reports. Piper Sandler decreased their target price on IAC from $54.00 to $44.00 and set a “neutral” rating on the stock in a report on Wednesday, May 7th. KeyCorp decreased their price objective on IAC from $64.00 to $49.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. JMP Securities reduced their target price on IAC from $70.00 to $64.00 and set a “market outperform” rating on the stock in a report on Thursday, February 13th. The Goldman Sachs Group reduced their target price on IAC from $60.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Finally, Citigroup dropped their price objective on IAC from $47.55 to $45.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, IAC currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.38.

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.