Acacia Research Corp. (ACTG) Shares Up 5.8%
Acacia Research Corp. (NASDAQ:ACTG) shares shot up 5.8% during mid-day trading on Tuesday . The company traded as high as $6.38 and last traded at $6.34, with a volume of 669,152 shares. The stock had previously closed at $5.99.
A number of research firms have issued reports on ACTG. Zacks Investment Research raised shares of Acacia Research Corp. from a “hold” rating to a “strong-buy” rating and set a $6.75 price target for the company in a report on Tuesday, August 2nd. Northland Securities upgraded shares of Acacia Research Corp. from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $5.20 to $7.00 in a research note on Monday, May 23rd. Finally, Barclays PLC increased their price objective on shares of Acacia Research Corp. from $4.00 to $6.00 and gave the stock an “underweight” rating in a research note on Friday, July 29th.
The firm’s market cap is $312.59 million. The firm has a 50 day moving average price of $4.81 and a 200-day moving average price of $4.33.
Acacia Research Corp. (NASDAQ:ACTG) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.03 by $0.20. The firm had revenue of $41.40 million for the quarter, compared to analyst estimates of $23.33 million. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 EPS. Equities research analysts forecast that Acacia Research Corp. will post $0.47 EPS for the current fiscal year.
In related news, Director G Louis Graziadio III acquired 98,887 shares of Acacia Research Corp. stock in a transaction dated Thursday, May 19th. The stock was acquired at an average price of $4.59 per share, for a total transaction of $453,891.33. Following the transaction, the director now owns 362,729 shares of the company’s stock, valued at $1,664,926.11. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank E. Walsh III acquired 50,000 shares of Acacia Research Corp. stock in a transaction dated Thursday, June 16th. The shares were bought at an average price of $4.66 per share, with a total value of $233,000.00. Following the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $1,165,000. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in Acacia Research Corp. stock. Dimensional Fund Advisors LP increased its stake in Acacia Research Corp. (NASDAQ:ACTG) by 16.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 731,898 shares of the company’s stock after buying an additional 105,977 shares during the period. Dimensional Fund Advisors LP owned about 1.44% of Acacia Research Corp. worth $3,140,000 as of its most recent filing with the SEC.
Acacia Research Corporation, through its subsidiaries, is engaged in patent investment, prosecution, licensing and enforcement activities. The Company’s subsidiaries partner with inventors and patent owners for patented inventions. The Company operates in patent licensing and enforcement business segment.
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