Investors Buy High Volume of Put Options on IAC (NASDAQ:IAC)

IAC Inc. (NASDAQ:IAC) was the target of some unusual options trading activity on Wednesday. Investors purchased 2,790 put options on the stock. This represents an increase of approximately 634% compared to the average volume of 380 put options.

IAC Trading Down 1.0%

Shares of IAC stock traded down $0.42 on Wednesday, hitting $39.78. 250,466 shares of the stock traded hands, compared to its average volume of 748,867. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.56 and a current ratio of 2.56. IAC has a twelve month low of $29.56 and a twelve month high of $50.49. The firm’s 50-day moving average price is $36.78 and its two-hundred day moving average price is $36.41. The stock has a market capitalization of $2.85 billion, a PE ratio of -14.57 and a beta of 1.10.

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on IAC shares. Oppenheimer downgraded shares of IAC from an “outperform” rating to a “market perform” rating in a research report on Monday, December 15th. Benchmark reduced their target price on IAC from $60.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Wall Street Zen lowered IAC from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Truist Financial reduced their price objective on IAC from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Finally, JPMorgan Chase & Co. lifted their target price on shares of IAC from $43.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. Ten research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.67.

Institutional Investors Weigh In On IAC

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IAC. Elevation Wealth Partners LLC purchased a new stake in IAC in the fourth quarter valued at $25,000. Advisory Services Network LLC purchased a new stake in IAC in the 3rd quarter valued at about $38,000. JFS Wealth Advisors LLC acquired a new position in IAC in the third quarter valued at about $39,000. GAMMA Investing LLC boosted its stake in IAC by 48.5% during the second quarter. GAMMA Investing LLC now owns 1,124 shares of the company’s stock worth $42,000 after buying an additional 367 shares during the period. Finally, Farther Finance Advisors LLC increased its position in shares of IAC by 240.3% during the second quarter. Farther Finance Advisors LLC now owns 1,174 shares of the company’s stock valued at $44,000 after acquiring an additional 829 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

About IAC

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.