Acorn Energy (NASDAQ:ACFN) Announces Quarterly Earnings Results

Acorn Energy (NASDAQ:ACFN) announced its quarterly earnings data on Thursday. The company reported $0.14 earnings per share (EPS) for the quarter, Zacks reports. Acorn Energy had a net margin of 52.80% and a return on equity of 34.58%. The firm had revenue of $2.38 million for the quarter.

Acorn Energy Trading Up 3.4%

Shares of NASDAQ ACFN traded up $0.62 during midday trading on Friday, reaching $18.94. 18,071 shares of the company were exchanged, compared to its average volume of 29,597. The company’s 50-day moving average price is $18.31. The stock has a market capitalization of $47.35 million, a PE ratio of 7.15 and a beta of 0.14. Acorn Energy has a one year low of $12.42 and a one year high of $33.00.

Institutional Trading of Acorn Energy

A hedge fund recently bought a new stake in Acorn Energy stock. Citadel Advisors LLC bought a new position in shares of Acorn Energy Inc. (NASDAQ:ACFN) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 11,282 shares of the company’s stock, valued at approximately $323,000. Citadel Advisors LLC owned 0.45% of Acorn Energy at the end of the most recent quarter.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ACFN. Weiss Ratings reiterated a “hold (c+)” rating on shares of Acorn Energy in a research report on Monday, December 29th. Wall Street Zen cut Acorn Energy from a “strong-buy” rating to a “hold” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

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.