IAC Inc. $IAC Stake Boosted by Ovata Capital Management Ltd

Ovata Capital Management Ltd boosted its stake in shares of IAC Inc. (NASDAQ:IAC) by 27.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,098 shares of the company’s stock after buying an additional 15,000 shares during the period. IAC comprises 0.5% of Ovata Capital Management Ltd’s investment portfolio, making the stock its 23rd largest holding. Ovata Capital Management Ltd’s holdings in IAC were worth $2,388,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in shares of IAC by 20.5% in the second quarter. JPMorgan Chase & Co. now owns 6,568,927 shares of the company’s stock worth $245,284,000 after buying an additional 1,117,313 shares during the period. Burgundy Asset Management Ltd. raised its holdings in shares of IAC by 73.8% during the second quarter. Burgundy Asset Management Ltd. now owns 2,517,797 shares of the company’s stock valued at $94,015,000 after acquiring an additional 1,069,044 shares during the period. Norges Bank purchased a new stake in shares of IAC in the 2nd quarter valued at approximately $31,025,000. Patient Capital Management LLC lifted its position in shares of IAC by 21.2% in the 3rd quarter. Patient Capital Management LLC now owns 2,108,245 shares of the company’s stock valued at $71,828,000 after acquiring an additional 369,239 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in IAC by 43.8% in the 3rd quarter. AQR Capital Management LLC now owns 1,148,280 shares of the company’s stock worth $39,122,000 after purchasing an additional 349,969 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

IAC Stock Up 2.0%

IAC stock opened at $38.53 on Wednesday. IAC Inc. has a twelve month low of $29.56 and a twelve month high of $50.49. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.75 and a current ratio of 2.75. The firm has a market cap of $2.74 billion, a PE ratio of -28.97 and a beta of 1.09. The firm’s 50 day moving average price is $37.62 and its two-hundred day moving average price is $36.23.

IAC (NASDAQ:IAC) last posted its quarterly earnings results on Tuesday, February 3rd. The company reported ($0.99) EPS for the quarter, missing the consensus estimate of $0.67 by ($1.66). IAC had a negative net margin of 4.35% and a negative return on equity of 2.43%. The company had revenue of $645.98 million for the quarter, compared to analysts’ expectations of $641.01 million. During the same quarter in the prior year, the firm earned ($2.39) earnings per share. The company’s revenue was down 34.7% on a year-over-year basis. On average, research analysts predict that IAC Inc. will post 0.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IAC. Weiss Ratings reiterated a “sell (d-)” rating on shares of IAC in a research report on Thursday, January 22nd. Jefferies Financial Group raised their target price on IAC from $41.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Citigroup lifted their price target on IAC from $38.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. UBS Group reissued a “neutral” rating and set a $42.00 price target on shares of IAC in a research report on Friday, February 6th. Finally, Wall Street Zen raised IAC from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Ten research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.62.

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.