Four Insiders Buy into Acorn Energy
On March 21, Directors Christopher Clouser and Richard Rimer added shares to their stake. Clouser added 4,000 shares at $7.15 per share for a total of $28,600. Clouser holds on to 35,300 shares of company stock. Rimer added 5,000 shares at $7.15 per share. His transaction totaled $35,750. Rimer now owns 54,400 shares of Acorn Energy.
On March 22, Director Mannie Jackson added 4,000 shares at $7.70 for a total of $30,800. Jackson now has at least 8,100 shares of Acorn Energy stock.
Acorn Energy is a holding company that maintains four portfolio companies. The first one is GridSense which provides monitoring for all critical points along the electricity delivery system. Omnitrex is a company that remotely monitors emergency back-up power generation systems. U.S. Seismic supplies fiber optic sensing solutions to increase oil/gas production and lower costs. The last company is DSIT which provides security solutions from under water threats to naval and marine based energy assets.
For the fiscal year 2012, the company reported revenue up to $19.4 million compared to $18.9 million in 2011. Acorn Energy also reported a net loss for 2012 of $16.7 million compared to $35.4 million from 2011.
Acorn Energy has been suffering a revenue decline for the past five years. On the other hand, its operating margin has been expanding recently. For more information on the financials and performances of Acorn Energy, look at the Acorn Energy analysis page.
“We have a plan,” said President and CEO John Moore. “We are working on the plan. The plan says we will be cash flow positive in 2014. Each of our businesses is at a different point in the commercial spectrum and we are investing aggressively to mature each of them to the point where they are self-sustaining. I am extremely excited about the future of our company.”
You can view more articles on Acorn Energy here.
Chuck Royce currently holds 60,000 shares of ACFN and Columbia Wanger owns 2,406,121 shares of the company stock.
With its shares down 6.98%, Acorn Energy trades at $7.46.
To view more insider trades, look at Acorn Energy’s insider trade history.