The Internet of Things (IoT) remote monitoring and control products provider Acorn Energy Inc (OTCMKTS:ACFN) saw its stock suffer from a mini selloff and end the day with a decline of 4%.
Market Reaction
On Monday, ACFN stock fell 3.41% to $0.4250 with more than 5K shares, compared to its average volume of 20K shares. The stock moved within a range of $0.4250 – 0.4451 after opening trade at $0.4451.
Key Details
While the decline in the stock may raise eyebrows it ought to be noted that the company actually made a fairly positive announcement yesterday. Acorn Energy announced that it was going to have its conference call related to the discussion of the financial results for the first fiscal quarter of 2022 on May 13. The conference call is schedule to commence at 11 in the morning Eastern Time.
The Chief Executive Officer and President of the company Jan Loeb and the Chief Financial Officer, Tracy Clifford are going to be present on the call. They are going to have a discussion with regards to the financial results for the first fiscal quarter and will also field questions from investors who call in.
In this regard, it is also important to point out that Acorn Energy is going to announce its financial results for the first fiscal quarter before the opening of the markets on the same day. It may be a good idea to keep an eye on the stock on Friday.
Traders Review
ACFN stock is trading below the 20-Day and 50-Day Moving averages of $0.47 and $0.50 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.57.
