Acorn Energy (NASDAQ:ACFN) Trading 2.1% Higher – Time to Buy?

Acorn Energy Inc. (NASDAQ:ACFN)’s stock price rose 2.1% on Friday . The company traded as high as $20.30 and last traded at $20.18. Approximately 38,450 shares were traded during trading, an increase of 296% from the average daily volume of 9,721 shares. The stock had previously closed at $19.77.

Analyst Ratings Changes

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

Acorn Energy Price Performance

The company has a fifty day moving average price of $16.98 and a 200 day moving average price of $17.93. The company has a market capitalization of $50.65 million, a P/E ratio of 26.21 and a beta of 0.24.

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

Institutional Investors Weigh In On Acorn Energy

An institutional investor recently bought a new position in Acorn Energy stock. Citadel Advisors LLC purchased a new stake in shares of Acorn Energy Inc. (NASDAQ:ACFN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,282 shares of the company’s stock, valued at approximately $323,000. Citadel Advisors LLC owned 0.45% of Acorn Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Acorn Energy Company Profile

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.