Ovata Capital Management Ltd Acquires Shares of 55,098 IAC Inc. $IAC

Ovata Capital Management Ltd bought a new stake in IAC Inc. (NASDAQ:IAC) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 55,098 shares of the company’s stock, valued at approximately $2,057,000. IAC comprises about 0.4% of Ovata Capital Management Ltd’s holdings, making the stock its 26th largest position. Ovata Capital Management Ltd owned approximately 0.07% of IAC at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of IAC. Burgundy Asset Management Ltd. purchased a new position in shares of IAC in the 1st quarter valued at $66,556,000. AQR Capital Management LLC grew its position 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 buying an additional 708,332 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of IAC by 11.4% in the 1st quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company’s stock valued at $250,447,000 after buying an additional 557,134 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of IAC by 806.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 511,103 shares of the company’s stock valued at $19,872,000 after buying an additional 454,733 shares during the last quarter. Finally, Levin Capital Strategies L.P. grew its position in shares of IAC by 503.3% in the 2nd quarter. Levin Capital Strategies L.P. now owns 430,552 shares of the company’s stock valued at $16,077,000 after buying an additional 359,180 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IAC has been the topic of a number of recent analyst reports. Barclays dropped their target price on shares of IAC from $52.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday. UBS Group dropped their target price on shares of IAC from $41.00 to $39.00 and set a “neutral” rating on the stock in a research report on Wednesday. KeyCorp lowered their price objective on shares of IAC from $45.00 to $41.00 and set an “overweight” rating on the stock in a research report on Monday. Truist Financial lowered their price objective on shares of IAC from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Wall Street Zen raised shares of IAC from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, IAC presently has a consensus rating of “Moderate Buy” and an average target price of $46.54.

IAC Stock Up 3.2%

Shares of NASDAQ IAC opened at $33.01 on Thursday. The firm’s 50-day moving average is $34.57 and its two-hundred day moving average is $36.26. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.56 and a quick ratio of 2.87. The company has a market capitalization of $2.45 billion, a PE ratio of -12.09 and a beta of 1.25. IAC Inc. has a 12-month low of $29.56 and a 12-month high of $55.16.

IAC (NASDAQ:IAC) last issued its quarterly earnings results on Monday, November 3rd. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.03). IAC had a negative return on equity of 4.61% and a negative net margin of 8.27%.The company had revenue of $589.79 million for the quarter, compared to analyst estimates of $601.86 million. During the same period last year, the company posted ($2.93) EPS. The business’s revenue for the quarter was down 8.1% on a year-over-year basis. Equities analysts anticipate that IAC Inc. will post 0.43 EPS for the current fiscal 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.