Acacia Research (NASDAQ:ACTG) Releases Earnings Results, Beats Expectations By $0.11 EPS

Acacia Research (NASDAQ:ACTG) released its quarterly earnings data on Wednesday. The business services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.11, Zacks reports. Acacia Research had a negative net margin of 2.60% and a positive return on equity of 1.33%. The business had revenue of $59.45 million during the quarter, compared to analyst estimates of $38.00 million.

Acacia Research Stock Up 2.6%

ACTG traded up $0.10 during midday trading on Thursday, reaching $3.72. The company’s stock had a trading volume of 95,609 shares, compared to its average volume of 212,941. The firm has a market capitalization of $358.29 million, a price-to-earnings ratio of -61.82 and a beta of 0.59. The company has a current ratio of 8.80, a quick ratio of 8.29 and a debt-to-equity ratio of 0.18. Acacia Research has a 1 year low of $2.70 and a 1 year high of $4.78. The stock’s 50-day moving average is $3.37 and its 200-day moving average is $3.49.

Institutional Investors Weigh In On Acacia Research

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. grew its holdings in shares of Acacia Research by 6.4% during the second quarter. American Century Companies Inc. now owns 494,075 shares of the business services provider’s stock valued at $1,769,000 after buying an additional 29,659 shares during the last quarter. Bridgeway Capital Management LLC raised its position in shares of Acacia Research by 7.7% during the 2nd quarter. Bridgeway Capital Management LLC now owns 242,182 shares of the business services provider’s stock valued at $867,000 after purchasing an additional 17,216 shares during the period. Marshall Wace LLP bought a new stake in Acacia Research in the 2nd quarter valued at $614,000. Empowered Funds LLC increased its holdings in Acacia Research by 8.9% in the 1st quarter. Empowered Funds LLC now owns 177,666 shares of the business services provider’s stock valued at $569,000 after acquiring an additional 14,590 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in Acacia Research by 2.8% in the 2nd quarter. First Trust Advisors LP now owns 114,872 shares of the business services provider’s stock valued at $411,000 after acquiring an additional 3,113 shares during the last quarter. Hedge funds and other institutional investors own 86.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ACTG shares. Wall Street Zen lowered shares of Acacia Research from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Acacia Research in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Acacia Research currently has an average rating of “Sell”.

About Acacia Research

Acacia is a publicly traded (Nasdaq: ACTG) company that is focused on acquiring and operating businesses across the industrial, energy and technology sectors where it believes it can leverage its expertise, significant capital base, and deep industry relationships to drive value. Acacia evaluates opportunities based on the attractiveness of the underlying cash flows, without regard to a specific investment horizon.