Acacia Research (NASDAQ:ACTG) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Acacia Research Corporation (NASDAQ:ACTG)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $3.77 and traded as high as $4.97. Acacia Research shares last traded at $4.91, with a volume of 227,972 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ACTG shares. Craig Hallum lifted their target price on Acacia Research from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Thursday, March 12th. Weiss Ratings raised Acacia Research from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, March 13th. Finally, Wall Street Zen lowered Acacia Research from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.00.

Acacia Research Stock Up 1.2%

The company has a current ratio of 9.18, a quick ratio of 8.64 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average price is $4.19 and its 200-day moving average price is $3.77. The company has a market cap of $473.67 million, a P/E ratio of 21.35 and a beta of 0.52.

Acacia Research (NASDAQ:ACTG) last issued its earnings results on Wednesday, March 11th. The business services provider reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.17. Acacia Research had a return on equity of 4.11% and a net margin of 7.60%.The business had revenue of $50.13 million during the quarter, compared to analyst estimates of $38.00 million.

Institutional Investors Weigh In On Acacia Research

Several hedge funds and other institutional investors have recently modified their holdings of ACTG. AQR Capital Management LLC acquired a new position in shares of Acacia Research during the first quarter worth approximately $35,000. Empowered Funds LLC grew its position in Acacia Research by 8.9% in the 1st quarter. Empowered Funds LLC now owns 177,666 shares of the business services provider’s stock valued at $569,000 after purchasing an additional 14,590 shares during the period. Jane Street Group LLC bought a new stake in Acacia Research during the 1st quarter valued at $169,000. American Century Companies Inc. raised its holdings in Acacia Research by 6.4% during the second quarter. American Century Companies Inc. now owns 494,075 shares of the business services provider’s stock worth $1,769,000 after buying an additional 29,659 shares during the last quarter. Finally, Corsair Capital Management L.P. acquired a new position in Acacia Research during the second quarter worth $280,000. Institutional investors own 86.69% of the company’s stock.

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.