Acacia Research (NASDAQ:ACTG) Shares Pass Above 200-Day Moving Average - What's Next?

Key Points

• Acacia Research shares moved above their 200-day moving average on Thursday, briefly trading as high as $4.51 before last changing hands at $4.38. The stock’s 200-day average was $4.45.
• Analyst sentiment is mixed but leans cautious, with one firm upgrading the stock to buy and another downgrading it to sell. MarketBeat says the average rating is currently Hold, with a $6.00 price target.
• Latest earnings beat expectations, as Acacia reported a smaller-than-expected loss of $0.07 per share on revenue of $54.24 million. The company still posted negative net margin and return on equity, and its shares are widely held by institutional investors.

Acacia Research Corporation (NASDAQ:ACTG - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $4.45 and traded as high as $4.51. Acacia Research shares last traded at $4.38, with a volume of 694,570 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ACTG shares. Wall Street Zen downgraded Acacia Research from a "buy" rating to a "hold" rating in a research note on Saturday, March 14th. Weiss Ratings cut Acacia Research from a "hold (c-)" rating to a "sell (d-)" rating in a research note on Monday, May 11th. Finally, Craig Hallum boosted their price target on shares of Acacia Research from $5.00 to $6.00 and gave the stock a "buy" rating in a report on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Acacia Research presently has an average rating of "Hold" and an average price target of $6.00.

Acacia Research Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 8.56 and a quick ratio of 8.09. The firm has a market capitalization of $423.06 million, a PE ratio of -24.33 and a beta of 0.43. The company's fifty day simple moving average is $4.69 and its 200 day simple moving average is $4.45.

Acacia Research (NASDAQ:ACTG - Get Free Report) last posted its earnings results on Thursday, May 7th. The business services provider reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.02. The firm had revenue of $54.24 million during the quarter, compared to the consensus estimate of $50.00 million. Acacia Research had a negative net margin of 8.53% and a negative return on equity of 2.81%. During the same quarter last year, the company earned $0.25 earnings per share.

Institutional Trading of Acacia Research

A number of hedge funds and other institutional investors have recently made changes to their positions in ACTG. Pekin Hardy Strauss Inc. purchased a new position in Acacia Research during the 4th quarter valued at about $37,000. Zions Bancorporation National Association UT purchased a new position in Acacia Research during the fourth quarter valued at approximately $38,000. AQR Capital Management LLC purchased a new position in Acacia Research during the first quarter valued at approximately $35,000. Occudo Quantitative Strategies LP bought a new stake in Acacia Research during the 4th quarter worth approximately $49,000. Finally, Abel Hall LLC bought a new stake in Acacia Research during the 4th quarter worth approximately $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.