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

Acacia Research Corporation (NASDAQ:ACTG) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $4.48 and traded as high as $4.55. Acacia Research shares last traded at $4.54, with a volume of 292,909 shares changing hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered shares of Acacia Research from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.00.

Acacia Research Stock Performance

The company has a market capitalization of $438.52 million, a price-to-earnings ratio of -25.22 and a beta of 0.43. The stock’s 50 day moving average price is $4.63 and its 200 day moving average price is $4.48. The company has a current ratio of 8.56, a quick ratio of 8.09 and a debt-to-equity ratio of 0.10.

Acacia Research (NASDAQ:ACTG) last released its earnings results on Thursday, May 7th. The business services provider reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. Acacia Research had a negative return on equity of 2.81% and a negative net margin of 8.53%.The business had revenue of $54.24 million for the quarter, compared to the consensus estimate of $50.00 million. During the same quarter in the previous year, the business earned $0.25 earnings per share.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Pekin Hardy Strauss Inc. acquired a new position in shares of Acacia Research during the 4th quarter worth approximately $37,000. Zions Bancorporation National Association UT bought a new stake in shares of Acacia Research during the 4th quarter worth approximately $38,000. AQR Capital Management LLC acquired a new stake in shares of Acacia Research in the 1st quarter valued at approximately $35,000. Occudo Quantitative Strategies LP acquired a new stake in shares of Acacia Research in the 4th quarter valued at approximately $49,000. Finally, Abel Hall LLC bought a new position in shares of Acacia Research in the fourth quarter valued at $51,000. 86.69% of the stock is currently 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.