Acorn Energy (NASDAQ:ACFN) Trading Up 7% – Here’s Why

Shares of Acorn Energy Inc. (NASDAQ:ACFN) shot up 7% on Wednesday . The company traded as high as $18.44 and last traded at $18.44. 29,801 shares were traded during trading, an increase of 57% from the average session volume of 19,017 shares. The stock had previously closed at $17.23.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Acorn Energy in a report on Monday, December 29th. Wall Street Zen cut shares of Acorn Energy from a “strong-buy” rating to a “hold” rating in a research note on Saturday, November 8th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold”.

Acorn Energy Stock Up 7.0%

The stock has a market capitalization of $46.10 million, a PE ratio of 6.96 and a beta of 0.17. The business’s fifty day simple moving average is $17.61.

Institutional Trading of Acorn Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Northstar Group Inc. bought a new stake in Acorn Energy in the 3rd quarter valued at about $250,000. Access Investment Management LLC bought a new position in shares of Acorn Energy during the third quarter worth approximately $25,000. Geode Capital Management LLC raised its position in shares of Acorn Energy by 29.3% in the fourth quarter. Geode Capital Management LLC now owns 15,500 shares of the company’s stock valued at $234,000 after buying an additional 3,515 shares in the last quarter. Finally, Citadel Advisors LLC bought a new stake in shares of Acorn Energy in the third quarter valued at approximately $323,000.

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.