Acacia Research Corp. (ACTG) Raised to “Buy” at Zacks Investment Research
Acacia Research Corp. (NASDAQ:ACTG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $6.75 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 13.45% from the stock’s previous close.
According to Zacks, “Acacia Research Corporation, through its subsidiaries, develops, acquires, and licenses patented technologies. It assists patent owners with the prosecution and development of their patent portfolios, protection of their patented inventions from unauthorized use, generation of licensing revenue from users of their patented technologies and enforcement against unauthorized users of their patented technologies. Acacia Research Corporation is based in Newport Beach, California. “
Separately, Barclays PLC raised their price target on shares of Acacia Research Corp. from $4.00 to $6.00 and gave the company an “underweight” rating in a research note on Friday, July 29th.
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Shares of Acacia Research Corp. (NASDAQ:ACTG) traded down 2.94% during midday trading on Tuesday, reaching $5.95. 410,741 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $6.34 and a 200-day moving average price of $5.19. Acacia Research Corp. has a 52-week low of $2.82 and a 52-week high of $9.77. The stock’s market cap is $299.78 million.
Acacia Research Corp. (NASDAQ:ACTG) last released its earnings results on Thursday, July 28th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.03 by $0.20. Acacia Research Corp. had a negative net margin of 166.23% and a negative return on equity of 0.12%. The firm had revenue of $41.40 million for the quarter, compared to analyst estimates of $23.33 million. During the same period last year, the firm earned $0.25 EPS. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. Analysts forecast that Acacia Research Corp. will post $0.47 earnings per share for the current year.
In other Acacia Research Corp. news, Director G Louis Graziadio III bought 8,729 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The shares were acquired at an average cost of $5.97 per share, for a total transaction of $52,112.13. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 2.81% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of ACTG. Alambic Investment Management L.P. increased its stake in Acacia Research Corp. by 114.2% in the second quarter. Alambic Investment Management L.P. now owns 233,925 shares of the company’s stock valued at $1,029,000 after buying an additional 124,728 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in Acacia Research Corp. during the second quarter valued at approximately $2,714,000. Heartland Advisors Inc. increased its stake in Acacia Research Corp. by 2.3% in the second quarter. Heartland Advisors Inc. now owns 5,888,030 shares of the company’s stock valued at $25,907,000 after buying an additional 131,900 shares in the last quarter. Emerald Acquisition Ltd. acquired a new stake in Acacia Research Corp. during the second quarter valued at approximately $5,257,000. Finally, Bank of New York Mellon Corp increased its stake in Acacia Research Corp. by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 206,666 shares of the company’s stock valued at $909,000 after buying an additional 6,628 shares in the last quarter. Institutional investors and hedge funds own 72.10% of the company’s stock.
Acacia Research Corp. Company Profile
Acacia Research Corporation, through its subsidiaries, is engaged in patent investment, prosecution, licensing and enforcement activities. The Company’s subsidiaries partner with inventors and patent owners for patented inventions. The Company operates in patent licensing and enforcement business segment.
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