Acorn Energy Sees Large Volume Increase Following Insider Buying Activity (ACFN)
Acorn Energy (NASDAQ:ACFN) saw strong trading volume on Tuesday following insider buying activity, Analyst Ratings Net reports. 1,264,968 shares traded hands during trading, an increase of 77% from the previous session’s volume of 716,127 shares.The stock last traded at $2.51 and had previously closed at $2.19.
Specifically, Director Mannie L. Jackson acquired 90,000 shares of the company’s stock on the open market in a transaction dated Friday, June 6th. The stock was purchased at an average cost of $1.96 per share, for a total transaction of $176,400.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
ACFN has been the subject of a number of recent research reports. Analysts at Maxim Group cut their price target on shares of Acorn Energy from $6.00 to $5.00 in a research note on Wednesday, May 14th. They now have a “buy” rating on the stock. Analysts at Chardan Capital downgraded shares of Acorn Energy from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 13th. They now have a $8.00 price target on the stock.
The stock has a 50-day moving average of $1.96 and a 200-day moving average of $3.. The company’s market cap is $55.0 million.
Acorn Energy (NASDAQ:ACFN) last announced its earnings results on Monday, May 12th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by $0.01. On average, analysts predict that Acorn Energy will post $-0.54 earnings per share for the current fiscal year.
Acorn Energy, Inc (NASDAQ:ACFN) is a holding company.