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

Shares of Acacia Research Corporation (NASDAQ:ACTG) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.42 and traded as high as $4.75. Acacia Research shares last traded at $4.70, with a volume of 184,557 shares traded.

Analyst Upgrades and Downgrades

ACTG has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Acacia Research from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Weiss Ratings downgraded shares of Acacia Research from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Monday, May 11th. Finally, Craig Hallum lifted their price objective on Acacia Research from $5.00 to $6.00 and gave the company a “buy” rating in a 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 stock. According to data from MarketBeat.com, Acacia Research presently has a consensus rating of “Hold” and an average price target of $6.00.

Acacia Research Price Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 8.56 and a quick ratio of 8.09. The company has a 50-day simple moving average of $4.74 and a 200-day simple moving average of $4.42. The stock has a market cap of $453.97 million, a PE ratio of -26.11 and a beta of 0.43.

Acacia Research (NASDAQ:ACTG) last issued its earnings results on Thursday, May 7th. The business services provider reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.02. The company had revenue of $54.24 million for the quarter, compared to analyst estimates 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 earned $0.25 EPS.

Institutional Trading of Acacia Research

Institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC acquired a new position in Acacia Research during the first quarter worth about $35,000. Pekin Hardy Strauss Inc. purchased a new position in Acacia Research in the fourth quarter valued at about $37,000. Zions Bancorporation National Association UT purchased a new position in Acacia Research in the fourth quarter valued at about $38,000. Occudo Quantitative Strategies LP acquired a new stake in shares of Acacia Research during the 4th quarter valued at approximately $49,000. Finally, Abel Hall LLC acquired a new stake in shares of Acacia Research during the 4th quarter valued at approximately $51,000. Hedge funds and other 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.