Acacia Research (NASDAQ:ACTG) Stock Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Acacia Research shares crossed above their 200-day moving average, reaching $4.69 before closing at $4.68 on trading volume of 315,720 shares.
• The company reported stronger-than-expected quarterly results, with EPS of $0.13 versus the consensus estimate of a $0.09 loss and revenue of $114.56 million against expectations of $49.50 million.
• Analyst sentiment remains mixed: one analyst rates the stock Buy and another Sell, producing a consensus “Hold” rating and a $6.00 average price target. Institutional investors own 86.69% of the shares.

Shares of Acacia Research Corporation (NASDAQ:ACTG - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.60 and traded as high as $4.69. Acacia Research shares last traded at $4.68, with a volume of 315,720 shares traded.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Acacia Research in a research note on Friday, August 7th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $6.00.

Acacia Research Stock Performance

The company has a market capitalization of $456.72 million, a P/E ratio of -31.20 and a beta of 0.45. The business has a 50 day moving average of $4.61 and a 200 day moving average of $4.60. The company has a quick ratio of 4.51, a current ratio of 4.76 and a debt-to-equity ratio of 0.11.

Acacia Research (NASDAQ:ACTG - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The business services provider reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.22. The business had revenue of $114.56 million for the quarter, compared to the consensus estimate of $49.50 million. Acacia Research had a positive return on equity of 0.44% and a negative net margin of 5.39%.

Institutional Investors Weigh In On Acacia Research

Hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC raised its position in shares of 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 lifted its holdings in shares of Acacia Research by 16.6% in the 1st quarter. Bank of America Corp DE now owns 33,319 shares of the business services provider's stock valued at $160,000 after acquiring an additional 4,746 shares during the last quarter. Empowered Funds LLC grew its position in Acacia Research by 39.1% in 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 in the last quarter. Quantinno Capital Management LP bought a new stake in Acacia Research during the first quarter worth approximately $215,000. Finally, Renaissance Technologies LLC raised its position in 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 purchasing an additional 12,284 shares during the period. Hedge funds and other institutional investors 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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