Acacia Research (NASDAQ:ACTG) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Acacia Research Corporation (NASDAQ:ACTG) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.60 and traded as high as $4.69. Acacia Research shares last traded at $4.68, with a volume of 315,720 shares trading hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Acacia Research in a report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Acacia Research has an average rating of “Hold” and a consensus target price of $6.00.

Acacia Research Stock Up 0.1%

The company has a current ratio of 4.76, a quick ratio of 4.51 and a debt-to-equity ratio of 0.11. The firm has a market cap of $456.22 million, a P/E ratio of -31.17 and a beta of 0.45. The company’s 50 day simple moving average is $4.61 and its 200-day simple moving average is $4.61.

Acacia Research (NASDAQ:ACTG) last announced its quarterly earnings results on Wednesday, August 5th. The business services provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.22. The firm had revenue of $114.56 million during the quarter, compared to analyst estimates of $49.50 million. Acacia Research had a negative net margin of 5.39% and a positive return on equity of 0.44%.

Institutional Investors Weigh In On Acacia Research

A number of hedge funds have recently added to or reduced their stakes in the stock. First Trust Advisors LP raised its holdings in Acacia Research by 2.8% in the 2nd quarter. First Trust Advisors LP now owns 114,872 shares of the business services provider’s stock worth $411,000 after purchasing an additional 3,113 shares during the period. Invesco Ltd. grew its holdings in Acacia Research by 4.4% during the fourth quarter. Invesco Ltd. now owns 77,143 shares of the business services provider’s stock valued at $289,000 after purchasing an additional 3,252 shares during the period. The Manufacturers Life Insurance Company increased its position in Acacia Research by 22.7% in the second quarter. The Manufacturers Life Insurance Company now owns 19,016 shares of the business services provider’s stock worth $68,000 after buying an additional 3,517 shares in the last quarter. Geode Capital Management LLC increased its position in Acacia Research by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 846,307 shares of the business services provider’s stock worth $3,166,000 after buying an additional 3,525 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Acacia Research by 16.6% in the first quarter. Bank of America Corp DE now owns 33,319 shares of the business services provider’s stock worth $160,000 after buying an additional 4,746 shares during the period. 86.69% of the stock is currently owned by hedge funds and other institutional investors.

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.