Acorn Energy Inc. (NASDAQ:ACFN) Sees Large Increase in Short Interest

Key Points

• Short interest surged 150.8% in August to 21,269 shares, representing about 1.3% of Acorn Energy’s outstanding shares. The short-interest ratio remains low at 0.4 days based on average trading volume.
• Acorn Energy shares recently traded at $21.61, within a 52-week range of $12.42 to $31.88. The company reported quarterly earnings of $0.12 per share on revenue of $2.49 million.
• Analyst sentiment remains neutral, with Acorn Energy carrying an average “Hold” rating; meanwhile, Geode Capital Management increased its holdings by 29.3% during the fourth quarter.

Acorn Energy Inc. (NASDAQ:ACFN - Get Free Report) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 21,269 shares, a growth of 150.8% from the August 15th total of 8,481 shares. Approximately 1.3% of the shares of the stock are sold short. Based on an average daily volume of 49,251 shares, the short-interest ratio is presently 0.4 days.

Acorn Energy Stock Performance

Shares of NASDAQ:ACFN traded up $0.64 during midday trading on Friday, hitting $21.61. 97,151 shares of the stock were exchanged, compared to its average volume of 64,826. Acorn Energy has a 52-week low of $12.42 and a 52-week high of $31.88. The business's fifty day simple moving average is $19.18 and its two-hundred day simple moving average is $18.35. The company has a market capitalization of $54.24 million, a PE ratio of 35.43 and a beta of 0.24.

Acorn Energy (NASDAQ:ACFN - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.12 EPS for the quarter. Acorn Energy had a return on equity of 10.06% and a net margin of 16.12%.The firm had revenue of $2.49 million for the quarter.

Institutional Trading of Acorn Energy

A hedge fund recently raised its position in Acorn Energy stock. Geode Capital Management LLC boosted its holdings in shares of Acorn Energy Inc. (NASDAQ:ACFN - Free Report) by 29.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,500 shares of the company's stock after buying an additional 3,515 shares during the quarter. Geode Capital Management LLC owned about 0.62% of Acorn Energy worth $234,000 at the end of the most recent quarter.

Analysts Set New Price Targets

ACFN has been the subject of several analyst reports. Wall Street Zen raised Acorn Energy to a "hold" rating in a report on Saturday, September 5th. Weiss Ratings reiterated a "hold (c)" rating on shares of Acorn Energy in a report on Friday, August 7th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Acorn Energy presently has an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.