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Acacia Research(ACTG - Get Report), through its operating subsidiaries, acquires, develops, licenses and enforces patented technologies. This stock is trading up 7.3% at $42.29 in recent trading.
Today's Volume: 913,000
Average Volume: 365,544
Volume % Change: 426%
Shares of ACTG are ripping higher today after the company said it earned $1.09 a share, beating Wall Street estimates of 99 cents per share. Revenue came in at $99 million, which also topped Wall Street estimates of $92 million.
From a technical perspective, ACTG is trending up strong today on monster volume, and this stock is flirting with a major breakout trade. That breakout was briefly hit when ACTG moved above some past overhead resistance at $43.83.
Traders should now look for long-biased trades if ACTG can manage to close above $43.83 and near its daily highs. If we get that action today or soon, look for ACTG to make a run at its 2011 high of $47.24. Any high-volume move then above $47.24 should set this stock up to hit $50 in the near future. I would consider any upside volume day that registers near or above 365,544 shares traded as bullish action.
As of the most recently reported period, Acacia was one of
George Soros' top holdings.