Acacia Research Corp (ACTG) Rating Lowered to Sell at Zacks Investment Research

Acacia Research Corp (NASDAQ:ACTG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

According to Zacks, “Acacia Research Corporation, through its subsidiaries, develops, acquires, and licenses patented technologies. It assists patent owners with the prosecution and development of their patent portfolios, protection of their patented inventions from unauthorized use, generation of licensing revenue from users of their patented technologies and enforcement against unauthorized users of their patented technologies. Acacia Research Corporation is based in Newport Beach, California. “

Acacia Research Corp (NASDAQ:ACTG) opened at 5.40 on Friday. The stock’s market cap is $272.52 million. Acacia Research Corp has a 52 week low of $3.60 and a 52 week high of $7.68. The company has a 50-day moving average price of $5.75 and a 200-day moving average price of $6.27.

Acacia Research Corp (NASDAQ:ACTG) last issued its earnings results on Thursday, March 9th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by $0.06. The firm had revenue of $22 million for the quarter, compared to analyst estimates of $24 million. Acacia Research Corp had a positive return on equity of 9.53% and a negative net margin of 94.19%. The business’s revenue for the quarter was down 41.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.09 EPS. Equities research analysts anticipate that Acacia Research Corp will post $0.50 EPS for the current year.

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In other news, Director Frank E. Walsh III bought 7,335 shares of the stock in a transaction that occurred on Tuesday, March 14th. The stock was purchased at an average price of $5.05 per share, for a total transaction of $37,041.75. Following the completion of the purchase, the director now owns 322,197 shares in the company, valued at approximately $1,627,094.85. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Frank E. Walsh III bought 44,765 shares of the stock in a transaction that occurred on Monday, March 13th. The shares were purchased at an average price of $5.09 per share, with a total value of $227,853.85. Following the purchase, the director now owns 270,097 shares of the company’s stock, valued at approximately $1,374,793.73. The disclosure for this purchase can be found here. Insiders own 2.81% of the company’s stock.

Several institutional investors have recently modified their holdings of ACTG. JPMorgan Chase & Co. increased its position in shares of Acacia Research Corp by 2,208.9% in the third quarter. JPMorgan Chase & Co. now owns 2,695,035 shares of the company’s stock worth $17,572,000 after buying an additional 2,578,313 shares during the last quarter. CWM LLC purchased a new position in shares of Acacia Research Corp during the third quarter worth approximately $14,265,000. Renaissance Technologies LLC increased its position in shares of Acacia Research Corp by 14.0% in the fourth quarter. Renaissance Technologies LLC now owns 3,401,800 shares of the company’s stock worth $22,112,000 after buying an additional 418,500 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Acacia Research Corp during the fourth quarter worth approximately $2,408,000. Finally, Laurion Capital Management LP purchased a new position in shares of Acacia Research Corp during the third quarter worth approximately $1,794,000. Hedge funds and other institutional investors own 76.59% of the company’s stock.

About Acacia Research Corp

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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