Acacia Research Corp (NASDAQ:ACTG) Director G Louis Graziadio III purchased 30,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were acquired at an average cost of $3.61 per share, with a total value of $108,300.00. Following the completion of the acquisition, the director now directly owns 588,151 shares in the company, valued at $2,123,225.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Acacia Research Corp (ACTG) traded down $0.10 during trading on Tuesday, hitting $3.55. The stock had a trading volume of 185,500 shares, compared to its average volume of 259,384. Acacia Research Corp has a fifty-two week low of $2.90 and a fifty-two week high of $6.30. The stock has a market cap of $177.12, a P/E ratio of 1.46 and a beta of 1.11.
Acacia Research announced that its board has authorized a stock buyback plan on Tuesday, February 13th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the business services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
Institutional investors have recently bought and sold shares of the company. Voya Investment Management LLC lifted its holdings in shares of Acacia Research by 22.0% in the 2nd quarter. Voya Investment Management LLC now owns 29,044 shares of the business services provider’s stock valued at $119,000 after purchasing an additional 5,231 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Acacia Research in the 3rd quarter valued at about $137,000. Thompson Davis & CO. Inc. purchased a new stake in shares of Acacia Research in the 3rd quarter valued at about $161,000. Cowen Inc. purchased a new stake in shares of Acacia Research in the 3rd quarter valued at about $168,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of Acacia Research by 105.3% in the 2nd quarter. Alliancebernstein L.P. now owns 37,241 shares of the business services provider’s stock valued at $153,000 after purchasing an additional 19,100 shares during the last quarter. 65.82% of the stock is owned by institutional investors and hedge funds.
A number of analysts have issued reports on the company. ValuEngine downgraded Acacia Research from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Zacks Investment Research raised Acacia Research from a “sell” rating to a “hold” rating in a report on Monday, November 13th. Barclays reaffirmed a “sell” rating and set a $5.00 price target on shares of Acacia Research in a report on Tuesday, October 31st. Finally, TheStreet raised Acacia Research from a “d” rating to a “c-” rating in a report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. Acacia Research currently has an average rating of “Hold” and an average price target of $6.50.
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Acacia Research Company Profile
Acacia Research Corporation, through its subsidiaries, invests in, licenses and enforces patented technologies. The Company’s operating subsidiaries partner with inventors and patent owners, applying their legal and technology expertise to patent assets to unlock the financial value in their patented inventions.
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