Shares of Acacia Research Corporation (NASDAQ:ACTG) rose 10.3% during trading on Friday . The stock traded as high as $3.80 and last traded at $3.75. Approximately 1,986,580 shares traded hands during mid-day trading, an increase of 635% from the average daily volume of 270,366 shares. The stock had previously closed at $3.40.
ACTG has been the topic of several analyst reports. Zacks Investment Research upgraded Acacia Research Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Northland Securities set a $8.00 target price on Acacia Research Corporation and gave the company a “buy” rating in a report on Monday, July 10th. Finally, ValuEngine cut Acacia Research Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd.
The company’s market cap is $189.74 million. The company’s 50 day moving average is $3.36 and its 200 day moving average is $4.47.
Acacia Research Corporation (NASDAQ:ACTG) last posted its quarterly earnings results on Thursday, July 27th. The business services provider reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by $0.25. Acacia Research Corporation had a negative return on equity of 1.06% and a negative net margin of 25.64%. The company had revenue of $16.46 million for the quarter, compared to the consensus estimate of $5 million. During the same quarter in the previous year, the business earned $0.23 earnings per share. Acacia Research Corporation’s revenue was down 60.2% compared to the same quarter last year. On average, equities analysts predict that Acacia Research Corporation will post $0.02 EPS for the current fiscal year.
In other Acacia Research Corporation news, Director Frank E. Walsh III acquired 25,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were purchased at an average cost of $3.32 per share, for a total transaction of $83,000.00. Following the transaction, the director now owns 358,961 shares in the company, valued at $1,191,750.52. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director G Louis Graziadio III acquired 8,200 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was acquired at an average price of $3.40 per share, for a total transaction of $27,880.00. Following the completion of the transaction, the director now owns 523,351 shares in the company, valued at approximately $1,779,393.40. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 90,150 shares of company stock worth $293,553. 2.81% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of ACTG. Nationwide Fund Advisors grew its position in shares of Acacia Research Corporation by 3.4% in the 1st quarter. Nationwide Fund Advisors now owns 168,024 shares of the business services provider’s stock worth $966,000 after buying an additional 5,483 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Acacia Research Corporation by 42.0% in the 1st quarter. Wells Fargo & Company MN now owns 49,812 shares of the business services provider’s stock worth $286,000 after buying an additional 14,739 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Acacia Research Corporation by 3.8% in the 1st quarter. Bank of New York Mellon Corp now owns 239,104 shares of the business services provider’s stock worth $1,375,000 after buying an additional 8,773 shares during the last quarter. Trexquant Investment LP bought a new stake in shares of Acacia Research Corporation in the 1st quarter worth approximately $132,000. Finally, Eagle Global Advisors LLC bought a new stake in shares of Acacia Research Corporation in the 1st quarter worth approximately $136,000. Hedge funds and other institutional investors own 70.91% of the company’s stock.
Acacia Research Corporation Company Profile
Acacia Research Corporation, through its subsidiaries, invests in, licenses and enforces patented technologies. The Company’s operating subsidiaries partner with inventors and patent owners, applying their legal and technology expertise to patent assets to unlock the financial value in their patented inventions.
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