Ocean Power Technologies (NASDAQ:OPTT) Shares Cross Above 200 Day Moving Average – What’s Next?

Shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $0.28 and traded as high as $1.60. Ocean Power Technologies shares last traded at $1.41, with a volume of 35,607,423 shares.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on shares of Ocean Power Technologies in a report on Tuesday, December 31st. They set a “sell” rating on the stock.

Ocean Power Technologies Stock Performance

The stock’s 50-day simple moving average is $0.43 and its 200 day simple moving average is $0.29. The company has a market cap of $156.26 million, a PE ratio of -2.67 and a beta of 2.63.

Institutional Investors Weigh In On Ocean Power Technologies

An institutional investor recently bought a new position in Ocean Power Technologies stock. Sargent Investment Group LLC acquired a new stake in Ocean Power Technologies, Inc. (NASDAQ:OPTT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 200,000 shares of the energy company’s stock, valued at approximately $31,000. Sargent Investment Group LLC owned approximately 0.20% of Ocean Power Technologies as of its most recent SEC filing. Institutional investors own 11.93% of the company’s stock.

About Ocean Power Technologies

Ocean Power Technologies, Inc develops and commercializes proprietary power platforms that generate electricity by harnessing the renewable energy of ocean waves in North America, South America, Australia, and Asia. It offers PB3 PowerBuoy that generates power for use independent of the power grid in offshore locations.