Acacia Research Corporation (NASDAQ:ACTG – Get Free Report)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.36 and traded as high as $4.86. Acacia Research shares last traded at $4.86, with a volume of 256,391 shares.
Wall Street Analyst Weigh In
Several research firms recently weighed in on ACTG. Wall Street Zen downgraded shares of Acacia Research from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Weiss Ratings cut Acacia Research from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. Finally, Craig Hallum raised their price target on Acacia Research from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Acacia Research has an average rating of “Hold” and an average target price of $6.00.
Read Our Latest Stock Analysis on ACTG
Acacia Research Stock Performance
Acacia Research (NASDAQ:ACTG – Get Free Report) last released its earnings results on Thursday, May 7th. The business services provider reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. Acacia Research had a negative return on equity of 2.81% and a negative net margin of 8.53%.The firm had revenue of $54.24 million during the quarter, compared to analyst estimates of $50.00 million. During the same period last year, the business posted $0.25 earnings per share.
Hedge Funds Weigh In On Acacia Research
A number of institutional investors and hedge funds have recently made changes to their positions in ACTG. NewEdge Advisors LLC increased its stake in shares of Acacia Research by 28.5% during the first quarter. NewEdge Advisors LLC now owns 42,129 shares of the business services provider’s stock worth $203,000 after buying an additional 9,351 shares during the period. Bank of America Corp DE raised its holdings in Acacia Research by 16.6% in the first quarter. Bank of America Corp DE now owns 33,319 shares of the business services provider’s stock valued at $160,000 after acquiring an additional 4,746 shares in the last quarter. Empowered Funds LLC lifted its stake in Acacia Research by 39.1% in the first quarter. Empowered Funds LLC now owns 340,210 shares of the business services provider’s stock worth $1,636,000 after acquiring an additional 95,624 shares during the last quarter. Quantinno Capital Management LP purchased a new position in Acacia Research in the first quarter worth approximately $215,000. Finally, Renaissance Technologies LLC grew its holdings in Acacia Research by 0.9% during the 1st quarter. Renaissance Technologies LLC now owns 1,407,584 shares of the business services provider’s stock worth $6,770,000 after acquiring an additional 12,284 shares in the last quarter. 86.69% of the stock is owned by institutional investors and hedge funds.
Acacia Research Company Profile
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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