Acacia Research (NASDAQ:ACTG) Releases Quarterly Earnings Results, Misses Estimates By $0.98 EPS

Acacia Research (NASDAQ:ACTG – Get Rating) announced its quarterly earnings results on Thursday. The business services provider reported ($0.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.98), Fidelity Earnings reports. Acacia Research had a net margin of 251.22% and a return on equity of 16.74%. The firm had revenue of $13.51 million for the quarter.

Shares of NASDAQ ACTG opened at $4.47 on Friday. Acacia Research has a fifty-two week low of $3.30 and a fifty-two week high of $7.54. The firm’s 50-day simple moving average is $4.28 and its 200 day simple moving average is $4.62.

Separately, StockNews.com raised shares of Acacia Research from a “sell” rating to a “hold” rating in a report on Friday, April 8th.

Several hedge funds and other institutional investors have recently modified their holdings of ACTG. CWM LLC bought a new stake in shares of Acacia Research during the fourth quarter valued at about $3,435,000. Formidable Asset Management LLC raised its stake in shares of Acacia Research by 23.8% during the first quarter. Formidable Asset Management LLC now owns 1,948,076 shares of the business services provider’s stock valued at $8,786,000 after purchasing an additional 374,623 shares in the last quarter. AIGH Capital Management LLC bought a new stake in shares of Acacia Research during the third quarter valued at about $2,464,000. Difesa Capital Management LP bought a new stake in shares of Acacia Research during the fourth quarter valued at about $1,778,000. Finally, Invesco Ltd. raised its stake in shares of Acacia Research by 10.5% during the third quarter. Invesco Ltd. now owns 2,859,799 shares of the business services provider’s stock valued at $19,418,000 after purchasing an additional 270,788 shares in the last quarter. Institutional investors and hedge funds own 63.02% of the company’s stock.

About Acacia Research (Get Rating)

Acacia Research Corporation, together with its subsidiaries, invests in intellectual property and related absolute return assets; and engages in the licensing and enforcement of patented technologies. The company operates through two segments, Intellectual Property Operations and Industrial Operations.

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