Acacia Research Corp.-Acacia Technologies Stock Price Down 8.7% After Earnings Miss (ACTG)
Acacia Research Corp.-Acacia Technologies (NASDAQ:ACTG) shares fell 8.7% during trading on Friday following a dissappointing earnings announcement, Analyst Ratings Net reports. The stock traded as low as $13.25 and last traded at $13.60, with a volume of 3,943,703 shares. The stock had previously closed at $14.90.
The company reported ($0.22) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.15 by $0.37. The company had revenue of $15.07 million for the quarter, compared to the consensus estimate of $25.29 million.
The company also recently announced a quarterly dividend, which is scheduled for Monday, March 31st. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Thursday, February 27th.
A number of analysts have recently weighed in on ACTG shares. Analysts at Barclays cut their price target on shares of Acacia Research Corp.-Acacia Technologies from $19.00 to $15.00 in a research note on Friday. They now have an “equal weight” rating on the stock. Separately, analysts at JPMorgan Chase & Co. cut their price target on shares of Acacia Research Corp.-Acacia Technologies from $22.50 to $21.50 in a research note on Friday. Finally, analysts at Cowen and Company reiterated an “outperform” rating on shares of Acacia Research Corp.-Acacia Technologies in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $20.85.
The stock has a 50-day moving average of $14.10 and a 200-day moving average of $17.31. The company’s market cap is $697.0 million.
Acacia Research Corporation, through its operating subsidiaries, acquires, develops, licenses and enforces patented technologies.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.