Acorn Energy (NASDAQ:ACFN) Shares Down 0.1% – What’s Next?

Acorn Energy Inc. (NASDAQ:ACFN) traded down 0.1% during mid-day trading on Thursday . The stock traded as low as $16.21 and last traded at $16.87. 16,076 shares changed hands during mid-day trading, an increase of 71% from the average session volume of 9,382 shares. The stock had previously closed at $16.89.

Analysts Set New Price Targets

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

Acorn Energy Trading Down 0.1%

The stock has a 50-day simple moving average of $17.90 and a 200 day simple moving average of $17.46. The stock has a market capitalization of $42.34 million, a price-to-earnings ratio of 21.91 and a beta of 0.29.

Acorn Energy (NASDAQ:ACFN) last posted 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%.

Hedge Funds Weigh In On Acorn Energy

Several institutional investors and hedge funds have recently modified their holdings of ACFN. Access Investment Management LLC purchased a new stake in shares of Acorn Energy during the third quarter worth $25,000. Geode Capital Management LLC grew its stake in 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 purchasing an additional 3,515 shares in the last quarter. Finally, Citadel Advisors LLC acquired a new position in Acorn Energy in the 3rd quarter worth about $323,000.

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.