Acacia Research (NASDAQ:ACTG) Share Price Passes Above 200 Day Moving Average – Here’s Why

Acacia Research Corporation (NASDAQ:ACTG) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.51 and traded as high as $3.77. Acacia Research shares last traded at $3.63, with a volume of 203,034 shares.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ACTG. Weiss Ratings reissued a “sell (d)” rating on shares of Acacia Research in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Acacia Research from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Acacia Research Trading Down 2.2%

The company has a debt-to-equity ratio of 0.18, a quick ratio of 8.29 and a current ratio of 8.80. The firm has a market capitalization of $350.10 million, a PE ratio of -60.49 and a beta of 0.59. The stock’s 50-day simple moving average is $3.40 and its 200-day simple moving average is $3.51.

Acacia Research (NASDAQ:ACTG) last announced its earnings results on Wednesday, November 5th. The business services provider reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.13. Acacia Research had a negative net margin of 2.60% and a positive return on equity of 1.33%. The firm had revenue of $59.45 million for the quarter, compared to analyst estimates of $38.00 million.

Institutional Investors Weigh In On Acacia Research

Several hedge funds have recently made changes to their positions in the company. Levin Capital Strategies L.P. grew its stake 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 during the period. Permanent Capital Management LP purchased a new stake in shares of Acacia Research in the 3rd quarter worth about $1,317,000. Peapod Lane Capital LLC increased its stake in shares of Acacia Research by 65.0% in the 2nd quarter. Peapod Lane Capital LLC now owns 718,192 shares of the business services provider’s stock worth $2,571,000 after acquiring an additional 282,913 shares in the last quarter. Krilogy Financial LLC increased its stake in shares of Acacia Research by 20.8% in the 2nd quarter. Krilogy Financial LLC now owns 1,398,559 shares of the business services provider’s stock worth $5,007,000 after acquiring an additional 240,535 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Acacia Research during the 2nd quarter valued at about $614,000. 86.69% of the stock is currently owned by institutional investors.

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.