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

Key Points

• Share price breakout: Acacia stock passed above its 200‑day moving average of $3.97, trading as high as $5.05 and last at $4.93 on volume of 138,508 shares.
• Analyst outlook: Recent analyst moves include Craig Hallum raising its price target to $6.00 (buy) while Weiss upgraded to hold and Wall Street Zen downgraded to hold, leaving a consensus rating of “Moderate Buy” and a consensus target of $6.00.
• Fundamentals and ownership: The company reported an EPS beat ($0.03 vs. -$0.14 est.) and revenue of $50.13M (vs. $38M est.), has a $475.6M market cap and P/E of 21.43, strong liquidity ratios, and about 86.7% institutional ownership.

Shares of Acacia Research Corporation (NASDAQ:ACTG - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.97 and traded as high as $5.05. Acacia Research shares last traded at $4.93, with a volume of 138,508 shares trading hands.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Weiss Ratings upgraded Acacia Research from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, March 13th. Craig Hallum lifted their price objective on Acacia Research from $5.00 to $6.00 and gave the company a "buy" rating in a report on Thursday, March 12th. Finally, Wall Street Zen downgraded Acacia Research from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $6.00.

Acacia Research Price Performance

The firm has a market capitalization of $475.60 million, a P/E ratio of 21.43 and a beta of 0.44. The company has a debt-to-equity ratio of 0.10, a current ratio of 9.18 and a quick ratio of 8.64. The stock's fifty day simple moving average is $4.54 and its 200 day simple moving average is $3.97.

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

Hedge Funds Weigh In On Acacia Research

A number of large investors have recently added to or reduced their stakes in ACTG. Levin Capital Strategies L.P. raised its holdings in Acacia Research by 195.0% in the third quarter. Levin Capital Strategies L.P. now owns 889,547 shares of the business services provider's stock worth $2,891,000 after purchasing an additional 587,973 shares in the last quarter. Permanent Capital Management LP purchased a new stake in shares of Acacia Research during the third quarter worth about $1,317,000. State Street Corp grew its stake in shares of Acacia Research by 12.8% during the fourth quarter. State Street Corp now owns 3,145,981 shares of the business services provider's stock worth $11,766,000 after acquiring an additional 355,916 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in shares of Acacia Research by 65.4% during the fourth quarter. Bridgeway Capital Management LLC now owns 441,886 shares of the business services provider's stock worth $1,653,000 after acquiring an additional 174,752 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Acacia Research during the second quarter worth about $614,000. 86.69% of the stock is currently owned by institutional investors.

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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