Acorn Energy (NASDAQ:ACFN) Stock Price Up 5.5% – Here’s Why

Acorn Energy Inc. (NASDAQ:ACFN) traded up 5.5% on Thursday . The stock traded as high as $18.28 and last traded at $18.28. 47,158 shares traded hands during mid-day trading, an increase of 29% from the average session volume of 36,617 shares. The stock had previously closed at $17.32.

Analysts Set New Price Targets

Several equities analysts have recently commented on ACFN shares. Wall Street Zen lowered shares of Acorn Energy from a “strong-buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Acorn Energy in a research report on Monday, December 29th. One analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold”.

Acorn Energy Stock Up 5.5%

The company has a market cap of $45.70 million, a price-to-earnings ratio of 6.90 and a beta of 0.10. The firm’s 50 day moving average price is $16.69.

Acorn Energy (NASDAQ:ACFN) last released its earnings results on Thursday, November 6th. The company reported $0.10 EPS for the quarter. Acorn Energy had a net margin of 52.80% and a return on equity of 34.58%.

Hedge Funds Weigh In On Acorn Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Citadel Advisors LLC acquired a new position in shares of Acorn Energy during the 3rd quarter valued at $323,000. Access Investment Management LLC bought a new position in Acorn Energy during the third quarter valued at about $25,000. Finally, Northstar Group Inc. acquired a new position in Acorn Energy during the third quarter worth about $250,000.

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.