Ocean Power Technologies (NASDAQ:OPTT) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.22 and traded as high as $0.34. Ocean Power Technologies shares last traded at $0.34, with a volume of 28,845,930 shares changing hands.

Ocean Power Technologies Price Performance

The stock has a fifty day simple moving average of $0.21 and a 200-day simple moving average of $0.22. The company has a market capitalization of $33.30 million, a price-to-earnings ratio of -0.85 and a beta of 2.85.

Ocean Power Technologies (NASDAQ:OPTT) last posted its earnings results on Monday, September 16th. The energy company reported ($0.05) earnings per share for the quarter. Ocean Power Technologies had a negative net margin of 448.27% and a negative return on equity of 101.04%. The firm had revenue of $1.30 million for the quarter.

Institutional Investors Weigh In On Ocean Power Technologies

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

Ocean Power Technologies Company Profile

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.