Acorn Energy (NASDAQ:ACFN) Shares Up 2.1% – Here’s Why

Acorn Energy Inc. (NASDAQ:ACFN) rose 2.1% during mid-day trading on Friday . The company traded as high as $20.30 and last traded at $20.18. 38,450 shares changed hands during trading, an increase of 296% from the average session volume of 9,721 shares. The stock had previously closed at $19.77.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Acorn Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Acorn Energy has an average rating of “Hold”.

Acorn Energy Trading Up 2.1%

The firm has a market capitalization of $50.65 million, a P/E ratio of 26.21 and a beta of 0.24. The business has a 50 day moving average of $16.98 and a 200-day moving average of $17.93.

Acorn Energy (NASDAQ:ACFN) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.03) earnings per share for the quarter. Acorn Energy had a net margin of 18.56% and a return on equity of 16.20%. The company had revenue of $2.23 million during the quarter.

Hedge Funds Weigh In On Acorn Energy

A hedge fund recently bought a new stake in Acorn Energy stock. Citadel Advisors LLC purchased a new stake in Acorn Energy Inc. (NASDAQ:ACFN) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,282 shares of the company’s stock, valued at approximately $323,000. Citadel Advisors LLC owned approximately 0.45% of Acorn Energy at the end of the most recent reporting period.

About Acorn Energy

Acorn Energy, Inc, through its subsidiaries, develops and markets wireless remote monitoring and control systems for various markets in the United States and internationally. It operates through two segments, Power Generation (PG) Monitoring and Cathodic Protection (CP) Monitoring. The PG segment provides wireless remote monitoring and control systems, and services for critical assets, which include stand-by power generators, compressors, pumps, pumpjacks, light towers, turbines, and other industrial equipment; and Internet of Things applications.