Covestor Ltd Sells 2,648 Shares of IAC Inc. (NASDAQ:IAC)

Covestor Ltd reduced its position in IAC Inc. (NASDAQ:IAC) by 60.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,756 shares of the company’s stock after selling 2,648 shares during the period. Covestor Ltd’s holdings in IAC were worth $75,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IAC. Norges Bank purchased a new stake in shares of IAC during the 4th quarter worth approximately $38,817,000. Joel Isaacson & Co. LLC raised its stake in IAC by 553.6% during the fourth quarter. Joel Isaacson & Co. LLC now owns 424,238 shares of the company’s stock valued at $18,302,000 after purchasing an additional 359,327 shares in the last quarter. Highbridge Capital Management LLC lifted its position in IAC by 223.5% during the fourth quarter. Highbridge Capital Management LLC now owns 351,681 shares of the company’s stock valued at $15,172,000 after purchasing an additional 242,982 shares during the last quarter. Proficio Capital Partners LLC grew its stake in shares of IAC by 4,238.5% in the 4th quarter. Proficio Capital Partners LLC now owns 229,419 shares of the company’s stock worth $9,897,000 after buying an additional 224,131 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of IAC in the 4th quarter worth about $8,015,000. 88.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

IAC has been the subject of a number of analyst reports. JMP Securities lowered their price target on shares of IAC from $70.00 to $64.00 and set a “market outperform” rating for the company in a report on Thursday, February 13th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $60.00 target price on shares of IAC in a research report on Friday, March 21st. KeyCorp increased their price target on IAC from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Benchmark dropped their price objective on shares of IAC from $105.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Finally, Oppenheimer reduced their target price on shares of IAC from $72.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, IAC has an average rating of “Moderate Buy” and a consensus price target of $64.31.

IAC Price Performance

IAC stock opened at $34.19 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.80 and a quick ratio of 2.75. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of -5.24 and a beta of 1.24. The firm has a 50-day moving average of $43.47 and a two-hundred day moving average of $45.85. IAC Inc. has a 1 year low of $32.05 and a 1 year high of $58.29.

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.