Acacia Research (NASDAQ:ACTG) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Acacia Research Corporation (NASDAQ:ACTG)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.55 and traded as high as $3.84. Acacia Research shares last traded at $3.81, with a volume of 120,519 shares.

Analysts Set New Price Targets

ACTG has been the subject of a number of research reports. Wall Street Zen upgraded Acacia Research from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Weiss Ratings reissued a “sell (d)” rating on shares of Acacia Research in a research note on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

Acacia Research Price Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 8.63 and a quick ratio of 8.11. The stock has a fifty day simple moving average of $3.72 and a 200-day simple moving average of $3.55. The company has a market capitalization of $367.51 million, a price-to-earnings ratio of 76.22 and a beta of 0.48.

Acacia Research (NASDAQ:ACTG) last posted its earnings results on Wednesday, November 5th. The business services provider reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.13. Acacia Research had a return on equity of 2.45% and a net margin of 1.70%.The firm had revenue of $59.45 million for the quarter, compared to analysts’ expectations of $38.00 million.

Hedge Funds Weigh In On Acacia Research

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Levin Capital Strategies L.P. increased its position in shares of Acacia Research by 195.0% during the 3rd 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 during the last quarter. Permanent Capital Management LP acquired a new stake in shares of Acacia Research during the third quarter valued at about $1,317,000. Peapod Lane Capital LLC increased its position in shares of Acacia Research by 65.0% during the second quarter. Peapod Lane Capital LLC now owns 718,192 shares of the business services provider’s stock valued at $2,571,000 after acquiring an additional 282,913 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Acacia Research in the 2nd quarter valued at approximately $614,000. Finally, Marquette Asset Management LLC acquired a new position in shares of Acacia Research in the 4th quarter worth approximately $349,000. Hedge funds and other institutional investors own 86.69% of the company’s stock.

Acacia Research Company Profile

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.