Acacia Research Corp (ACTG) released its first quarter results on Monday, May 17, 2021. The company reported net earnings of $-2.81 per share for the first quarter ending March 31, 2021. Earnings for this past quarter declined 1051 percent compared to the same period a year ago.
Acacia Research Corporation was incorporated in 1993 and is based in New York, New York. Acacia Research Corporation, together with its subsidiaries, intends to acquire undervalued businesses primarily in technology, life sciences, industrial, and financial services segments in the United States. The company also invests in intellectual property and related absolute return assets, as well as engages in the licensing and enforcement of patented technologies.
Acacia Research's revenue increased 172 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins decreased to 40.53% for the first quarter compared to the same period in the previous year, and operating margins decreased to 97.81% over the same period. Net earnings for past trailing twelve months were $-36.44 million, down 44% from the prior year.
Moving on to the balance sheet, Acacia Research's cash levels jumped 147% for the first quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, decreased 76.92% this past year. The current ratio for Acacia Research now stands at 3.5. The company decreased shares outstanding by 10.32%.
Shares of ACTG are currently trading around $5.35. In terms of valuation, the stock is trading at a price to book ratio of 2.24.