Short Interest in Acorn Energy Inc. (NASDAQ:ACFN) Declines By 42.2%

Acorn Energy Inc. (NASDAQ:ACFN) saw a large decline in short interest in May. As of May 15th, there was short interest totaling 15,512 shares, a decline of 42.2% from the April 30th total of 26,853 shares. Approximately 1.0% of the shares of the stock are sold short. Based on an average daily volume of 10,971 shares, the short-interest ratio is currently 1.4 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Access Investment Management LLC purchased a new position in Acorn Energy in the 3rd quarter valued at about $25,000. Citadel Advisors LLC purchased a new position in Acorn Energy in the 3rd quarter valued at about $323,000. Finally, Geode Capital Management LLC lifted its holdings in Acorn Energy by 29.3% in the 4th 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.

Acorn Energy Stock Up 1.3%

Shares of Acorn Energy stock traded up $0.22 on Wednesday, hitting $17.27. The company’s stock had a trading volume of 495 shares, compared to its average volume of 22,115. Acorn Energy has a 52-week low of $12.42 and a 52-week high of $33.00. The firm has a fifty day moving average price of $17.84 and a 200-day moving average price of $17.48. The company has a market capitalization of $43.34 million, a P/E ratio of 22.42 and a beta of 0.24.

Acorn Energy (NASDAQ:ACFN) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.03) 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 during the quarter.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut Acorn Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

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.