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

Acacia Research Corporation (NASDAQ:ACTG)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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 changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ACTG shares. Weiss Ratings downgraded shares of Acacia Research from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. Wall Street Zen cut Acacia Research from a “buy” rating to a “hold” rating in a research 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 report on Thursday, March 12th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $6.00.

Acacia Research Price Performance

The firm has a market capitalization of $438.52 million, a P/E ratio of -25.22 and a beta of 0.43. The company has a debt-to-equity ratio of 0.10, a quick ratio of 8.09 and a current ratio of 8.56. The business’s fifty day moving average price is $4.73 and its two-hundred day moving average price is $4.43.

Acacia Research (NASDAQ:ACTG) last posted its quarterly earnings data 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. Acacia Research had a negative net margin of 8.53% and a negative return on equity of 2.81%. The firm had revenue of $54.24 million during the quarter, compared to analyst estimates of $50.00 million. During the same quarter in the previous year, the business posted $0.25 EPS.

Institutional Trading of Acacia Research

Institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC increased its position in Acacia Research by 28.5% during the 1st quarter. NewEdge Advisors LLC now owns 42,129 shares of the business services provider’s stock valued at $203,000 after buying an additional 9,351 shares in the last quarter. Bank of America Corp DE boosted its holdings in 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 acquiring an additional 4,746 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Acacia Research by 39.1% during the first quarter. Empowered Funds LLC now owns 340,210 shares of the business services provider’s stock worth $1,636,000 after acquiring an additional 95,624 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in shares of Acacia Research during the first quarter worth about $215,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Acacia Research by 0.9% during the first quarter. Renaissance Technologies LLC now owns 1,407,584 shares of the business services provider’s stock valued at $6,770,000 after acquiring an additional 12,284 shares in the last quarter. Institutional investors and hedge funds own 86.69% of the company’s stock.

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.