Acacia Research Corporation (NASDAQ:ACTG) shares shot up 11.3% during trading on Thursday after an insider bought additional shares in the company. The company traded as high as $3.60 and last traded at $3.45, with a volume of 838,842 shares. The stock had previously closed at $3.10.
Specifically, Director G Louis Graziadio III bought 10,000 shares of the business’s stock in a transaction on Tuesday, August 22nd. The stock was purchased at an average cost of $3.08 per share, for a total transaction of $30,800.00. Following the completion of the transaction, the director now directly owns 486,701 shares of the company’s stock, valued at approximately $1,499,039.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 7.67% of the company’s stock.
Several research firms have issued reports on ACTG. Zacks Investment Research raised Acacia Research Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Barclays PLC reaffirmed a “sell” rating and issued a $5.00 price target on shares of Acacia Research Corporation in a report on Sunday, May 7th. ValuEngine cut Acacia Research Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Finally, Northland Securities set a $8.00 price target on Acacia Research Corporation and gave the company a “buy” rating in a report on Monday, July 10th.
The stock’s 50-day moving average is $3.55 and its 200-day moving average is $4.64. The company’s market cap is $174.56 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 the Thomson Reuters’ consensus estimate of $0.08 by $0.25. The company had revenue of $16.46 million for the quarter, compared to the consensus estimate of $5 million. Acacia Research Corporation had a negative return on equity of 1.06% and a negative net margin of 25.64%. The firm’s revenue was down 60.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.23 earnings per share. Equities analysts forecast that Acacia Research Corporation will post $0.02 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of Acacia Research Corporation by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 831,637 shares of the business services provider’s stock valued at $5,406,000 after buying an additional 17,122 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of Acacia Research Corporation by 3.4% in the first quarter. Nationwide Fund Advisors now owns 168,024 shares of the business services provider’s stock valued at $966,000 after buying an additional 5,483 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Acacia Research Corporation by 42.0% in the first quarter. Wells Fargo & Company MN now owns 49,812 shares of the business services provider’s stock valued at $286,000 after buying an additional 14,739 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Acacia Research Corporation by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 239,104 shares of the business services provider’s stock valued at $1,375,000 after buying an additional 8,773 shares in the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Acacia Research Corporation during the first quarter valued at about $132,000. 73.58% of the stock is currently 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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