Acacia Research (NASDAQ:ACTG) Posts Earnings Results, Beats Estimates By $0.11 EPS

by · The Cerbat Gem

Acacia Research (NASDAQ:ACTG – Get Free Report) posted its earnings results on Wednesday. The business services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.11, Zacks reports. The company had revenue of $59.45 million for the quarter, compared to the consensus estimate of $38.00 million. Acacia Research had a positive return on equity of 1.33% and a negative net margin of 2.60%.

Acacia Research Stock Up 10.4%

Shares of ACTG traded up $0.34 during midday trading on Wednesday, hitting $3.62. 616,663 shares of the company’s stock traded hands, compared to its average volume of 213,577. Acacia Research has a 1 year low of $2.70 and a 1 year high of $4.79. The firm’s fifty day moving average is $3.36 and its 200-day moving average is $3.49. The company has a current ratio of 8.80, a quick ratio of 8.29 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $349.13 million, a price-to-earnings ratio of -60.32 and a beta of 0.59.

Institutional Trading of Acacia Research

Hedge funds and other institutional investors have recently made changes to their positions in the business. First Trust Advisors LP raised its stake in Acacia Research by 2.8% in the 2nd quarter. First Trust Advisors LP now owns 114,872 shares of the business services provider’s stock worth $411,000 after acquiring an additional 3,113 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Acacia Research by 22.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 19,016 shares of the business services provider’s stock valued at $68,000 after buying an additional 3,517 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of Acacia Research during the 1st quarter valued at about $35,000. Empowered Funds LLC grew its position in shares of Acacia Research by 8.9% during the 1st quarter. Empowered Funds LLC now owns 177,666 shares of the business services provider’s stock valued at $569,000 after acquiring an additional 14,590 shares during the period. Finally, Bridgeway Capital Management LLC grew its position in shares of Acacia Research by 7.7% during the 2nd quarter. Bridgeway Capital Management LLC now owns 242,182 shares of the business services provider’s stock valued at $867,000 after acquiring an additional 17,216 shares during the period. Hedge funds and other institutional investors own 86.69% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Read Our Latest Research Report on ACTG

About Acacia Research

(Get Free Report)

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.

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