Acacia Research Corporation (NASDAQ:ACTG) Sets New 12-Month Low at $3.18

Acacia Research Corporation (NASDAQ:ACTG)’s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $3.18 and last traded at $3.18, with a volume of 348,150 shares. The stock had previously closed at $3.25.

ACTG has been the topic of a number of research reports. Zacks Investment Research downgraded shares of Acacia Research Corporation from a “hold” rating to a “strong sell” rating in a report on Thursday, August 3rd. ValuEngine downgraded shares of Acacia Research Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Northland Securities set a $8.00 price objective on shares of Acacia Research Corporation and gave the stock a “buy” rating in a report on Monday, July 10th. Finally, Barclays PLC reissued a “sell” rating and issued a $5.00 price objective on shares of Acacia Research Corporation in a report on Sunday, May 7th.

The firm’s 50-day moving average is $3.64 and its 200 day moving average is $4.72. The stock’s market cap is $149.26 million.

Acacia Research Corporation (NASDAQ:ACTG) last issued its earnings results on Thursday, July 27th. The business services provider reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $5 million. During the same period last year, the business earned $0.23 earnings per share. The firm’s revenue was down 60.2% compared to the same quarter last year. On average, analysts forecast that Acacia Research Corporation will post $0.02 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of ACTG. Schroder Investment Management Group acquired a new stake in shares of Acacia Research Corporation during the first quarter worth about $101,000. Globeflex Capital L P increased its stake in shares of Acacia Research Corporation by 17,904.8% in the first quarter. Globeflex Capital L P now owns 18,905 shares of the business services provider’s stock worth $109,000 after buying an additional 18,800 shares during the last quarter. Voya Investment Management LLC increased its stake in shares of Acacia Research Corporation by 22.0% in the second quarter. Voya Investment Management LLC now owns 29,044 shares of the business services provider’s stock worth $119,000 after buying an additional 5,231 shares during the last quarter. KCG Holdings Inc. increased its stake in shares of Acacia Research Corporation by 51.7% in the first quarter. KCG Holdings Inc. now owns 21,822 shares of the business services provider’s stock worth $125,000 after buying an additional 7,440 shares during the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of Acacia Research Corporation during the first quarter worth about $132,000. 73.58% of the stock is owned by institutional investors and hedge funds.

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About Acacia Research Corporation

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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