Pinnacle Associates Ltd. Lowers Stake in IAC Inc. $IAC

Pinnacle Associates Ltd. lowered its stake in shares of IAC Inc. (NASDAQ:IAC) by 15.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 124,716 shares of the company’s stock after selling 22,774 shares during the quarter. Pinnacle Associates Ltd. owned 0.17% of IAC worth $4,876,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Tudor Investment Corp ET AL purchased a new stake in shares of IAC during the 3rd quarter valued at $6,050,000. AlphaQuest LLC raised its position in shares of IAC by 1,127.5% during the 3rd quarter. AlphaQuest LLC now owns 41,257 shares of the company’s stock valued at $1,406,000 after buying an additional 37,896 shares in the last quarter. Public Sector Pension Investment Board raised its position in IAC by 8.7% in the 3rd quarter. Public Sector Pension Investment Board now owns 504,604 shares of the company’s stock worth $17,192,000 after purchasing an additional 40,468 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in IAC in the 3rd quarter worth $875,000. Finally, Highbridge Capital Management LLC raised its position in IAC by 68.9% in the 3rd quarter. Highbridge Capital Management LLC now owns 484,325 shares of the company’s stock worth $16,501,000 after purchasing an additional 197,590 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

IAC has been the topic of a number of analyst reports. Wall Street Zen cut shares of IAC from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Citigroup lifted their target price on shares of IAC from $44.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Jefferies Financial Group cut shares of IAC from a “buy” rating to a “hold” rating and set a $44.00 target price on the stock. in a research report on Wednesday, May 6th. Needham & Company LLC set a $57.00 target price on shares of IAC in a research report on Tuesday, March 3rd. Finally, Piper Sandler set a $52.00 target price on shares of IAC in a research report on Thursday, May 7th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.14.

IAC Price Performance

IAC stock opened at $39.88 on Friday. The firm’s 50-day moving average price is $40.78 and its two-hundred day moving average price is $38.10. IAC Inc. has a 12-month low of $29.56 and a 12-month high of $45.82. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 107.79 and a beta of 1.03. The company has a current ratio of 3.69, a quick ratio of 3.69 and a debt-to-equity ratio of 0.30.

IAC Profile

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.