Acacia Research Co. (NASDAQ:ACTG – Get a rating) benefited from a sharp fall in short-term interest rates in October. As of October 31, there was short interest totaling 663,200 shares, down 26.5% from the total of 902,000 shares as of October 15. Based on an average daily volume of 283,900 shares, the short interest rate is currently 2.3 days. Currently, 1.8% of the company’s shares are sold short.
Wall Street analysts predict growth
Separately, StockNews.com began covering Acacia Research shares in a research note on Wednesday, October 12. They set a “hold” rating for the company.
Acacia Research is trading up 1.0%
Action ACTG opened at $4.02 on Friday. Acacia Research has a 52-week low of $3.30 and a 52-week high of $5.82. The company has a market capitalization of $154.01 million, a price-earnings ratio of -1.56 and a beta of 0.40. The company’s 50-day moving average is $4.00 and its two-hundred-day moving average is $4.47.
Acacia Research (NASDAQ:ACTG – Get a rating) last reported results on Thursday, August 11. The business services provider reported ($0.19) EPS for the quarter. Acacia Research achieved a return on equity of 10.97% and a net margin of 167.82%. The company had revenue of $16.72 million in the quarter.
Institutional investors weigh in on Acacia Research
A number of large investors have recently changed their positions in ACTG. Strs Ohio acquired a new equity stake in Acacia Research during the first quarter valued at approximately $80,000. Formidable Asset Management LLC increased its holdings of Acacia Research shares by 23.8% in the first quarter. Formidable Asset Management LLC now owns 1,948,076 shares of the business services provider valued at $8,786,000 after acquiring an additional 374,623 shares during the period. Los Angeles Capital Management LLC acquired a new equity stake in Acacia Research during the first quarter valued at approximately $316,000. Shufro Rose & Co. LLC increased its stake in Acacia Research shares by 97.3% during the first quarter. Shufro Rose & Co. LLC now owns 35,552 shares of the business services provider valued at $160,000 after acquiring an additional 17,537 shares during the period. Finally, Elkhorn Partners Limited Partnership increased its equity stake in Acacia Research by 7.6% during the first quarter. Elkhorn Partners Limited Partnership now owns 31,000 shares of the business services provider valued at $140,000 after acquiring an additional 2,200 shares during the period. Institutional investors and hedge funds hold 55.88% of the company’s shares.
About Acacia Research
Acacia Research Corporation, together with its subsidiaries, invests in intellectual property and related absolute return assets; and engages in the licensing and application of patented technologies. The Company operates through two segments, Intellectual Property Operations and Industrial Operations.
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