Acacia Research Corp (NASDAQ:ACTG) Sees Large Drop in Short Interest

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Acacia Research Corp (NASDAQ:ACTG) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 178,600 shares, a drop of 13.3% from the September 30th total of 205,900 shares. Currently, 0.4% of the shares of the stock are sold short. Based on an average daily volume of 98,100 shares, the days-to-cover ratio is currently 1.8 days.

Separately, ValuEngine cut shares of Acacia Research from a “hold” rating to a “sell” rating in a research report on Thursday.

Shares of Acacia Research stock opened at $2.95 on Friday. The stock has a market capitalization of $139.37 million, a P/E ratio of 12.09 and a beta of 0.60. The company has a 50-day simple moving average of $2.64 and a 200 day simple moving average of $2.85. Acacia Research has a 12-month low of $2.42 and a 12-month high of $3.34.

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Acacia Research by 44.3% during the 2nd quarter. Vanguard Group Inc. now owns 3,598,997 shares of the business services provider’s stock worth $10,654,000 after purchasing an additional 1,104,392 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Acacia Research by 0.6% during the 2nd quarter. Renaissance Technologies LLC now owns 3,485,300 shares of the business services provider’s stock worth $10,316,000 after acquiring an additional 21,800 shares during the last quarter. Invesco Ltd. grew its holdings in Acacia Research by 1,806.5% during the 2nd quarter. Invesco Ltd. now owns 2,500,093 shares of the business services provider’s stock worth $7,400,000 after acquiring an additional 2,368,958 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Acacia Research by 3.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,137,820 shares of the business services provider’s stock worth $3,334,000 after acquiring an additional 32,756 shares during the last quarter. Finally, Pacific Ridge Capital Partners LLC grew its holdings in Acacia Research by 0.5% during the 2nd quarter. Pacific Ridge Capital Partners LLC now owns 1,075,002 shares of the business services provider’s stock worth $3,182,000 after acquiring an additional 5,616 shares during the last quarter. Institutional investors and hedge funds own 60.39% of the company’s stock.

About Acacia Research

Acacia Research Corporation, together with its subsidiaries, invests in intellectual property and related absolute return assets; and engage in the licensing and enforcement of 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 through the filing of patent infringement litigation.

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