Parkside Investments LLC, a leading investment firm, has recently reduced its stake in IAC Inc. The company reported a decrease of 29.2% in its ownership during the second quarter. As per the recent 13F filing with the Securities & Exchange Commission, Parkside Investments LLC sold 59,364 shares of IAC stock, resulting in a total of 143,959 shares remaining in their portfolio. Despite the reduction, IAC still represents around 1.7% of Parkside Investments LLC’s holdings and maintains its position as the firm’s 20th largest holding. At the end of the reporting period, Parkside Investments LLC estimated that their ownership of IAC was valued at approximately $9,292,000.
The latest quarterly earnings report from IAC was released on August 8th this year. According to this report, the company disclosed earnings per share (EPS) of ($0.76) for the quarter. This value aligns with market expectations set at ($0.76) EPS as well. However, IAC’s revenue for the same period amounted to $1.11 billion, slightly below consensus estimates of $1.12 billion. The report also revealed that IAC had a net margin of 5.56% and a negative return on equity of 4.67%. Analysts anticipate that IAC Inc.’s EPS for this fiscal year will be -3.14.
IAC Inc., operating globally alongside its subsidiaries, functions primarily as a media and internet company. Their core activities include publishing original digital content encompassing various topics such as entertainment, food, home improvement, beauty tips, travel guides, health advice, family matters, luxury trends and fashion insights worldwide. In addition to digital content production, IAC also publishes magazines specifically targeting women’s interests and lifestyles.
With these recent developments regarding Parkside Investments LLC’s reduced stake in IAC and their quarterly earnings results, the future trajectory of IAC will be closely monitored by investors and analysts alike. As markets continue to evolve, it is crucial for companies like IAC to adapt their strategies and maintain relevance in an ever-changing media and internet landscape.
Updated on: 18/09/2023
Institutional Investors and Hedge Funds Show Increasing Interest in IAC Inc. Amidst Market Fluctuations
IAC Inc., a leading investment company, has recently caught the attention of several institutional investors and hedge funds. The Treasurer of the State of North Carolina, for instance, increased its holdings in IAC by a mere 0.7% in the first quarter. This resulted in the acquisition of an additional 240 shares, bringing their total ownership to 33,596 shares worth approximately $1,734,000.
Similarly, Captrust Financial Advisors added to its stockpile of IAC shares during the same period. The firm’s holdings increased by 3.1% with the acquisition of an extra 246 shares. As a result, Captrust Financial Advisors now owns 8,062 shares that are valued at around $808,000.
In another significant move, Quent Capital LLC enjoyed a considerable boost in its holdings by a substantial 53.8%. The firm acquired an additional 256 shares during the first quarter and currently owns 732 IAC shares worth about $38,000.
ETF Managers Group LLC also took part in this buying spree by acquiring an extra 258 IAC shares during the fourth quarter and watching their holdings increase by 3.8%. Their total ownership now amounts to 7,090 shares valued at approximately $315,000.
Lastly, Principal Financial Group Inc., too, seized the opportunity to increase its stake in IAC by a notable 3.7%. Their purchase of an additional 277 shares in the first quarter raised their total ownership to reach 7,718 shares with a market value of $398,000.
These strategic moves made by various institutional investors and hedge funds indicate a surge of interest in IAC’s stock. Moreover, it is interesting to note that these entities collectively own about 85.60% of all outstanding shares of the company.
On Friday trading hours on NASDAQ exchange floor on September 17th,, IAC experienced a minor decrease of $0.11, with shares trading at $52.94. The total trading volume of the day reached 122,739 shares, in comparison to the average volume of 701,323 shares traded per day. Over the past year, IAC’s stock has seen a range between its lowest point at $41.52 and its highest point at $69.85.
With a market capitalization of approximately $4.24 billion and a P/E ratio of 19.36, IAC is positioned as a formidable player in the investment industry. Additionally, the company possesses a beta value of 1.23.
Considering the company’s financial performance indicators, it is worth mentioning that IAC currently exhibits a fifty-day simple moving average of $60.52 and a two-hundred-day simple moving average of $56.84.
When analyzing equities analysts’ perspectives on IAC’s stock, it becomes apparent that several have provided their opinions on where IAC stands in terms of future prospects. Barclays, for instance, reduced its price target on IAC from $85 to $75 while maintaining an “overweight” rating for the company in August 2023.
Benchmark also decreased their target price on IAC from $120 to $115 but reiterated their “buy” rating on the stock during the same period.
JPMorgan Chase & Co., known for providing comprehensive insights into various stocks, reduced their target price on IAC as well from $85 to $80 while maintaining an “overweight” rating.
Credit Suisse Group followed suit by lowering their target price on IAC from $123 to $112 but maintained an “outperform” rating.
StockNews.com recently initiated coverage on IAC and issued a “hold” rating on the stock in mid-August 2023.
Overall, out of thirteen analysts who have expressed their opinions about IAC’s performance through Bloomberg.com, two have given a “hold” rating, and eleven have issued a “buy” rating for the company.
These ratings form the basis for IAC’s consensus rating of “Moderate Buy.” The average target price derived from these analysts’ assessments is approximately $80.93.
Given these recent developments, it will be fascinating to observe how IAC Inc. performs in the coming months as investors carefully monitor their investment decisions within this perplexing and bustling investment landscape.