Acacia Research Corporation (ACTG) saw a big move last session, as the company’s shares fell by over 16% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for ACTG, as the stock is now down 27.9% in the past one-month time frame.
Shares of Acacia Research declined on Wednesday, due to a court ruling against the company related to a patent infringement case.
Acacia Research has seen a flat track record when it comes to current year estimate revisions over the past few weeks (no increase, no decrease), and the consensus loss estimate hasn’t been in a trend either. This recent price action is discouraging, so make sure to keep a close watch on this firm in the near future, and especially on earnings estimates following the recent slump.
ACTG currently has a Zacks Rank #3 (Hold).
Investors interested in the business services industry may consider better-ranked stock like WNS (Holdings) Ltd. (WNS), which carries a Zacks Rank #2 (Buy).
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