Acorn Energy Inc (OTCMKTS:ACFN) Stock Soars 605 YTD: What’s The Buzz?

Investors are often on the lookout for stocks which have recorded significant gains over a substantial period of time and with that in mind, one of the stocks that they could consider tracking is the Acorn Energy Inc (OTCMKTS:ACFN) stock.

Market Action

On Wednesday, ACFN stock gained 5% at $0.62 with more than 24k, compared to its average volume of 32k shares. The stock has moved within a range of $0.5500 – 0.6200 after opening the trade at $0.59.

Latest News

The company has made its name as a provider of a range of Internet of Things or IoT services and over the course of the years so far, it has seen its stock clock gains of as much as 59% so far. There has not been much news about the company over the course of the past weeks but back in September this year, its subsidiary company OmniMetrix made a key announcement.

At the time, OmniMetrix announced that it got into a partnership with the company Power Solutions Specialist. As per the terms of the partnership, the two companies are going to work towards providing control equipment, remote monitoring and associated services to Briggs and Stratton power generators.

The two companies were going to be partners in this specific project for a period of 12 months from the time of the announcement. While there has not been any fresh news about Acorn, the announcement in September about its subsidiary was an important one.

Key Quote

Brian Northway, Partner at PSS, said, “We are pleased to formalize our relationship with OmniMetrix, a leader in the remote monitoring and control technology and service. Remote monitoring is a critical component of a complete power solution and this is particularly true for stand-by generators which are used in emergency situations when power is lost due to storms, fires, floods or other natural disasters.

Traders Note

ACFN stock is trading above the 20-Day and 50-Day Moving averages of $0.60 and $0.61 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.59. The stock is up 7% over the past 3-month.

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