Short Interest in Acorn Energy Inc. (NASDAQ:ACFN) Drops By 45.4%

Acorn Energy Inc. (NASDAQ:ACFN) was the target of a large decline in short interest during the month of July. As of July 31st, there was short interest totaling 10,057 shares, a decline of 45.4% from the July 15th total of 18,420 shares. Based on an average trading volume of 9,451 shares, the days-to-cover ratio is presently 1.1 days. Currently, 0.6% of the shares of the stock are short sold.

Institutional Investors Weigh In On Acorn Energy

An institutional investor recently raised its stake in Acorn Energy stock. Geode Capital Management LLC increased its holdings in Acorn Energy Inc. (NASDAQ:ACFN) by 29.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,500 shares of the company’s stock after buying an additional 3,515 shares during the period. Geode Capital Management LLC owned about 0.62% of Acorn Energy worth $234,000 as of its most recent filing with the Securities & Exchange Commission.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Acorn Energy in a report on Friday, August 7th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Acorn Energy currently has a consensus rating of “Hold”.

Acorn Energy Stock Performance

Shares of ACFN opened at $19.40 on Monday. The company’s fifty day simple moving average is $17.89 and its 200-day simple moving average is $18.05. The company has a market cap of $48.69 million, a P/E ratio of 31.80 and a beta of 0.24. Acorn Energy has a twelve month low of $12.42 and a twelve month high of $32.00.

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

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.