Acacia Research Corp. (ACTG) reported first quarter adjusted EPS of $0.47 after the bell Thursday, compared to the consensus estimate of $0.42. Revenues dropped to $76.86 million from $99.04 million last year. Analysts expected revenues of $58.68 million.
Acacia Research gapped open lower Friday and dropped sharply in early trade. The stock ended the day with a loss of 8.08 at $21.49 on the highest volume of the year. Acacia Research sank to a 4 1/2 month low and fell below its 50 and 200-day moving averages.
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