Short Interest in Acorn Energy Inc. (NASDAQ:ACFN) Declines 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 daily trading volume, of 9,451 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.6% of the shares of the company are short sold.

Institutional Trading of Acorn Energy

A hedge fund recently raised its position in Acorn Energy stock. Geode Capital Management LLC grew its stake in shares of Acorn Energy Inc. (NASDAQ:ACFN) by 29.3% during the 4th quarter, according to the company in its most recent Form 13F filing 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 period. Geode Capital Management LLC owned 0.62% of Acorn Energy worth $234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Acorn Energy in a report on Friday, August 7th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

Acorn Energy Price Performance

Shares of ACFN stock opened at $19.40 on Monday. Acorn Energy has a 1 year low of $12.42 and a 1 year high of $32.00. The firm has a fifty day moving average price of $17.89 and a 200-day moving average price of $18.05. The company has a market cap of $48.69 million, a price-to-earnings ratio of 31.80 and a beta of 0.24.

Acorn Energy (NASDAQ:ACFN) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.12 earnings per share for the quarter. The firm had revenue of $2.49 million for 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.