Acacia Research (NASDAQ:ACTG) Stock Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Acacia Research shares moved above their 200-day moving average, trading as high as $4.55 and last changing hands at $4.54.
• Recent analyst sentiment was mixed: Weiss Ratings downgraded the stock to a sell rating, while MarketBeat data still shows an average rating of Hold with a $6.00 price target.
• The company recently reported better-than-expected quarterly results, posting a smaller-than-expected loss and revenue above estimates, though profitability remained negative.

Acacia Research Corporation (NASDAQ:ACTG - Get Free Report)'s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $4.48 and traded as high as $4.55. Acacia Research shares last traded at $4.54, with a volume of 292,909 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded Acacia Research from a "hold (c-)" rating to a "sell (d-)" rating in a report on Monday, May 11th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $6.00.

Acacia Research Stock Performance

The stock has a market cap 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 current ratio of 8.56 and a quick ratio of 8.09. The stock's 50 day simple moving average is $4.63 and its two-hundred day simple moving average is $4.48.

Acacia Research (NASDAQ:ACTG - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The business services provider reported ($0.07) earnings per share (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 company had revenue of $54.24 million during the quarter, compared to the consensus estimate of $50.00 million. During the same quarter in the prior year, the firm earned $0.25 earnings per share.

Institutional Trading of Acacia Research

Several hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC acquired a new position in shares of Acacia Research during the first quarter worth about $35,000. Pekin Hardy Strauss Inc. bought a new position in shares of Acacia Research during the fourth quarter worth about $37,000. Zions Bancorporation National Association UT acquired a new stake in Acacia Research in the 4th quarter valued at approximately $38,000. Occudo Quantitative Strategies LP acquired a new stake in Acacia Research in the 4th quarter valued at approximately $49,000. Finally, Abel Hall LLC bought a new stake in Acacia Research in the 4th quarter valued at approximately $51,000. Institutional investors and hedge funds own 86.69% of the company's stock.

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.

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