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

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

Analyst Ratings Changes

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

Acorn Energy Trading Up 2.1%

The stock has a market capitalization of $50.65 million, a price-to-earnings ratio of 26.21 and a beta of 0.24. The firm has a 50-day moving average of $16.98 and a 200 day moving average of $17.93.

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. Acorn Energy had a return on equity of 16.20% and a net margin of 18.56%.The business had revenue of $2.23 million for the quarter.

Institutional Investors Weigh In On Acorn Energy

An institutional investor recently bought a new stake in Acorn Energy stock. Citadel Advisors LLC acquired a new position in Acorn Energy Inc. (NASDAQ:ACFN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 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 SEC filing.

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.