Acacia Research (NASDAQ:ACTG) Announces Earnings Results, Beats Expectations By $0.11 EPS
Acacia Research (NASDAQ:ACTG) reported earnings of ($0.03) per share, exceeding analysts' expectations of ($0.14) by $0.11. The company generated revenue of $59.45 million, significantly higher than the estimated $38.00 million. Despite a negative net margin of 2.60%, Acacia had a positive return on equity of 1.33%. The stock rose 10.4% to $3.62 following the announcement. Institutional investors hold 86.69% of the company's shares, with recent modifications in holdings by several large investors.
Acacia Research (NASDAQ:ACTG - Get Free Report) announced its quarterly earnings data on Wednesday. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.14) by $0.11, Zacks reports. The firm had revenue of $59.45 million during 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%.
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Acacia Research Stock Up 10.4%
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NASDAQ:ACTG traded up $0.34 during trading hours on Wednesday, reaching $3.62. 616,663 shares of the company 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 business's 50-day moving average price is $3.36 and its two-hundred day moving average price 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 P/E ratio of -60.32 and a beta of 0.59.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on ACTG shares. Wall Street Zen downgraded Acacia Research from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Acacia Research in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of "Sell".
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Institutional Trading of Acacia Research
Several large investors have recently modified their holdings of the company. American Century Companies Inc. grew its holdings in shares of Acacia Research by 6.4% in the second quarter. American Century Companies Inc. now owns 494,075 shares of the business services provider's stock worth $1,769,000 after acquiring an additional 29,659 shares during the period. Bridgeway Capital Management LLC grew its holdings in Acacia Research by 7.7% during the second quarter. Bridgeway Capital Management LLC now owns 242,182 shares of the business services provider's stock valued at $867,000 after purchasing an additional 17,216 shares during the period. Empowered Funds LLC grew its holdings in Acacia Research by 8.9% during the first quarter. Empowered Funds LLC now owns 177,666 shares of the business services provider's stock valued at $569,000 after purchasing an additional 14,590 shares during the period. Marshall Wace LLP bought a new stake in Acacia Research during the second quarter valued at about $614,000. Finally, First Trust Advisors LP grew its holdings in Acacia Research by 2.8% during the second quarter. First Trust Advisors LP now owns 114,872 shares of the business services provider's stock valued at $411,000 after purchasing an additional 3,113 shares during the period. Institutional investors own 86.69% of the company's stock.
Acacia Research Company Profile
(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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