Acacia Research Corporation $ACTG Shares Sold by Levin Capital Strategies L.P.

Key Points

• Levin Capital Strategies cut its stake in Acacia Research by 96.9% in Q1, selling more than 953,000 shares and leaving it with 30,000 shares worth about $144,000.
• Institutional ownership remains high, with 86.69% of Acacia Research shares held by hedge funds and other institutional investors, while several firms recently initiated small positions.
• Acacia Research reported Q1 earnings that beat expectations, posting EPS of -$0.07 versus an expected -$0.09 and revenue of $54.24 million versus $50 million estimated, though the company remains unprofitable.

Levin Capital Strategies L.P. trimmed its holdings in Acacia Research Corporation (NASDAQ:ACTG - Free Report) by 96.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 30,000 shares of the business services provider's stock after selling 953,261 shares during the period. Levin Capital Strategies L.P.'s holdings in Acacia Research were worth $144,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pekin Hardy Strauss Inc. purchased a new stake in Acacia Research during the 4th quarter worth approximately $37,000. Zions Bancorporation National Association UT purchased a new position in shares of Acacia Research during the 4th quarter valued at approximately $38,000. AQR Capital Management LLC acquired a new stake in shares of Acacia Research during the first quarter worth approximately $35,000. Occudo Quantitative Strategies LP acquired a new stake in shares of Acacia Research during the fourth quarter worth approximately $49,000. Finally, Abel Hall LLC acquired a new stake in Acacia Research in the fourth quarter valued at $51,000. 86.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of 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 issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $6.00.

Acacia Research Stock Performance

Shares of NASDAQ ACTG opened at $4.62 on Friday. The stock has a market cap of $446.25 million, a PE ratio of -25.67 and a beta of 0.43. Acacia Research Corporation has a 1 year low of $3.12 and a 1 year high of $5.27. The firm has a fifty day moving average price of $4.62 and a 200-day moving average price of $4.51. The company has a debt-to-equity ratio of 0.10, a current ratio of 8.56 and a quick ratio of 8.09.

Acacia Research (NASDAQ:ACTG - Get Free Report) last issued 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. 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 posted $0.25 EPS.

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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