Acacia Research Stocks Slides After Q2 Results

  • Acacia Research Corp ACTG reported second-quarter revenues of $17.4 million compared to $2.12 million in 2Q20.
  • Operating income recovered to $1.64 million from a loss of $(6.75) million a year ago.
  • EPS improved to $0.23 from $0.09 in 2Q20.
  • Acacia continued to recognize gains during Q2 in the value of the life sciences portfolio acquired in June 2020, driving $25.8 million in realized and unrealized gains in the quarter. To date, Acacia has recovered $212 million of the purchase price of $282 million.
  • Book value totaled $147.1 million as of June 30, 2021, versus $292.5 million as of December 31, 2020.
  • Assuming full exercise of all issued derivatives, Acacia's pro forma book value would rise to $942.8 million, up from $882.5 million as of December 31, 2020.
  • Cash, cash equivalents, and equity investments at fair value totaled $320.6 million on June 30, 2021.
  • Equity securities without readily determinable fair value totaled $176.0 million on June 30, 2021. Investment securities representing equity method investments totaled $31.8 million.
  • Acacia Research's capital base, consisting of cash, public, and private investments, and additional available capital pursuant to the partnership with Starboard Value LP, stands at $770 million.
  • Price Action: ACTG shares are trading lower by 2.43% at $5.61 on the last check Monday.

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