Acacia Research Corporation (NASDAQ:ACTG – Get Free Report) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $4.48 and traded as high as $4.55. Acacia Research shares last traded at $4.54, with a volume of 292,909 shares trading hands.
Analyst Ratings Changes
Separately, Weiss Ratings downgraded shares of Acacia Research from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $6.00.
Read Our Latest Stock Analysis on ACTG
Acacia Research Trading Up 1.6%
Acacia Research (NASDAQ:ACTG – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The business services provider reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $54.24 million for the quarter, compared to the consensus estimate of $50.00 million. Acacia Research had a negative net margin of 8.53% and a negative return on equity of 2.81%. During the same quarter in the previous year, the firm earned $0.25 EPS.
Hedge Funds Weigh In On Acacia Research
Large investors have recently made changes to their positions in the business. NewEdge Advisors LLC boosted its position in shares of Acacia Research by 28.5% in the 1st quarter. NewEdge Advisors LLC now owns 42,129 shares of the business services provider’s stock worth $203,000 after purchasing an additional 9,351 shares in the last quarter. Bank of America Corp DE grew its stake in Acacia Research by 16.6% during the 1st quarter. Bank of America Corp DE now owns 33,319 shares of the business services provider’s stock worth $160,000 after buying an additional 4,746 shares during the last quarter. Empowered Funds LLC increased its position in Acacia Research by 39.1% during the 1st quarter. Empowered Funds LLC now owns 340,210 shares of the business services provider’s stock valued at $1,636,000 after buying an additional 95,624 shares in the last quarter. Quantinno Capital Management LP acquired a new position in Acacia Research during the 1st quarter valued at about $215,000. Finally, Renaissance Technologies LLC raised its stake in Acacia Research by 0.9% in the first quarter. Renaissance Technologies LLC now owns 1,407,584 shares of the business services provider’s stock valued at $6,770,000 after buying an additional 12,284 shares during the last quarter. 86.69% of the stock is owned by institutional investors and hedge funds.
About Acacia Research
Acacia Research Corporation is a publicly traded patent licensing company based in New York City. The firm specializes in acquiring patented technologies through a network of wholly owned subsidiaries and seeking licensing agreements or settlements with companies that utilize those technologies. Since its founding in 1993, Acacia has built a business model centered on identifying innovative inventions and monetizing them through patent enforcement and strategic partnerships.
The company’s activities span a broad range of technology sectors, including life sciences, medical devices, software, telecommunications and consumer electronics.
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