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

Acacia Research Corporation (NASDAQ:ACTG) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $3.77 and traded as high as $4.97. Acacia Research shares last traded at $4.91, with a volume of 227,972 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ACTG. Weiss Ratings raised shares of Acacia Research from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, March 13th. Wall Street Zen downgraded Acacia Research from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Finally, Craig Hallum lifted their price target on Acacia Research from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Acacia Research currently has an average rating of “Moderate Buy” and an average price target of $6.00.

Acacia Research Price Performance

The business has a 50-day moving average of $4.19 and a two-hundred day moving average of $3.77. The company has a current ratio of 9.18, a quick ratio of 8.64 and a debt-to-equity ratio of 0.10. The firm has a market cap of $473.67 million, a P/E ratio of 21.35 and a beta of 0.52.

Acacia Research (NASDAQ:ACTG) last posted its earnings results on Wednesday, March 11th. The business services provider reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.14) by $0.17. The firm had revenue of $50.13 million during the quarter, compared to the consensus estimate of $38.00 million. Acacia Research had a return on equity of 4.11% and a net margin of 7.60%.

Institutional Investors Weigh In On Acacia Research

Several hedge funds have recently added to or reduced their stakes in ACTG. Pekin Hardy Strauss Inc. bought a new stake in Acacia Research during the 4th quarter worth approximately $37,000. Zions Bancorporation National Association UT bought a new position in shares of Acacia Research during the fourth quarter valued at $38,000. AQR Capital Management LLC acquired a new position in shares of Acacia Research during the first quarter worth $35,000. Occudo Quantitative Strategies LP acquired a new position in shares of Acacia Research during the fourth quarter worth $49,000. Finally, Abel Hall LLC bought a new stake in shares of Acacia Research in the fourth quarter worth $51,000. 86.69% of the stock is currently owned by institutional investors and hedge funds.

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.