Acacia Research Corp (ACTG) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of Acacia Research Corp (NASDAQ:ACTG) from a hold rating to a sell rating in a research note released on Friday morning.

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) traded down 4.39% during midday trading on Friday, hitting $5.45. The stock had a trading volume of 513,836 shares. The firm’s market cap is $275.04 million. Acacia Research Corp has a one year low of $3.60 and a one year high of $7.68. The stock 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 announced its earnings results on Thursday, March 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.08 by $0.06. The company had revenue of $22 million for the quarter, compared to analysts’ expectations of $24 million. Acacia Research Corp had a negative net margin of 94.19% and a positive return on equity of 9.53%. The business’s quarterly revenue was down 41.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.09 earnings per share. On average, analysts predict that Acacia Research Corp will post $0.50 earnings per share for the current year.

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In other Acacia Research Corp news, Director Frank E. Walsh III acquired 44,765 shares of the company’s stock in a transaction on Monday, March 13th. The shares were bought at an average cost of $5.09 per share, for a total transaction of $227,853.85. Following the acquisition, the director now directly owns 270,097 shares of the company’s stock, valued at $1,374,793.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank E. Walsh III acquired 7,335 shares of the company’s stock in a transaction on Tuesday, March 14th. The shares were acquired at an average price of $5.05 per share, for a total transaction of $37,041.75. Following the completion of the acquisition, the director now directly owns 322,197 shares in the company, valued at $1,627,094.85. The disclosure for this purchase can be found here. 2.81% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of ACTG. JPMorgan Chase & Co. increased its stake in 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 valued at $17,572,000 after buying an additional 2,578,313 shares in the last quarter. Renaissance Technologies LLC increased its stake in Acacia Research Corp by 14.0% in the fourth quarter. Renaissance Technologies LLC now owns 3,401,800 shares of the company’s stock valued at $22,112,000 after buying an additional 418,500 shares in the last quarter. CWM LLC acquired a new stake in Acacia Research Corp during the third quarter valued at about $14,265,000. Wells Fargo & Company MN increased its stake in Acacia Research Corp by 41.1% in the third quarter. Wells Fargo & Company MN now owns 20,073 shares of the company’s stock valued at $131,000 after buying an additional 5,850 shares in the last quarter. Finally, Systematic Financial Management LP acquired a new stake in Acacia Research Corp during the fourth quarter valued at about $1,526,000. 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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