Acacia Research (NASDAQ:ACTG) Stock Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Acacia Research Corporation (NASDAQ:ACTG) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $4.24 and traded as high as $4.69. Acacia Research shares last traded at $4.65, with a volume of 196,477 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ACTG. Craig Hallum boosted their price objective on shares of Acacia Research from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Thursday, March 12th. Weiss Ratings cut shares of Acacia Research from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Monday, May 11th. Finally, Wall Street Zen cut shares of Acacia Research from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Acacia Research presently has a consensus rating of “Hold” and a consensus price target of $6.00.

Acacia Research Stock Down 0.2%

The firm has a market capitalization of $449.14 million, a P/E ratio of -25.83 and a beta of 0.49. The firm’s 50-day moving average is $4.88 and its 200 day moving average is $4.24. The company has a debt-to-equity ratio of 0.10, a quick ratio of 8.09 and a current ratio of 8.56.

Acacia Research (NASDAQ:ACTG) last posted its quarterly earnings data on Thursday, May 7th. The business services provider reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.02. The business had revenue of $54.24 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted $0.25 EPS.

Institutional Investors Weigh In On Acacia Research

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp lifted its position in Acacia Research by 12.8% during the 4th quarter. State Street Corp now owns 3,145,981 shares of the business services provider’s stock worth $11,766,000 after buying an additional 355,916 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Acacia Research by 3.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,853,889 shares of the business services provider’s stock worth $13,728,000 after buying an additional 95,089 shares in the last quarter. Renaissance Technologies LLC lifted its position 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 buying an additional 12,284 shares in the last quarter. Krilogy Financial LLC lifted its position in Acacia Research by 3.8% during the 4th quarter. Krilogy Financial LLC now owns 1,243,413 shares of the business services provider’s stock worth $4,899,000 after buying an additional 45,015 shares in the last quarter. Finally, Levin Capital Strategies L.P. lifted its position in Acacia Research by 10.5% during the 4th quarter. Levin Capital Strategies L.P. now owns 983,261 shares of the business services provider’s stock worth $3,677,000 after buying an additional 93,714 shares in the last quarter. 86.69% of the stock is owned by institutional investors.

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.