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

Ocean Power Technologies, Inc. (NASDAQ:OPTT) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.40 and traded as high as $0.71. Ocean Power Technologies shares last traded at $0.68, with a volume of 3,858,890 shares traded.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Ocean Power Technologies to a “sell” rating in a research report on Friday, January 31st.

Ocean Power Technologies Stock Down 2.4 %

The business’s fifty day moving average is $0.77 and its two-hundred day moving average is $0.40. The firm has a market cap of $99.79 million, a price-to-earnings ratio of -2.14 and a beta of 2.58.

Institutional Investors Weigh In On Ocean Power Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in OPTT. Sargent Investment Group LLC bought a new position in Ocean Power Technologies in the third quarter valued at about $31,000. Arkadios Wealth Advisors bought a new position in shares of Ocean Power Technologies in the 4th quarter valued at about $102,000. Penbrook Management LLC bought a new position in shares of Ocean Power Technologies in the 4th quarter valued at about $32,000. SBI Securities Co. Ltd. acquired a new stake in shares of Ocean Power Technologies during the 4th quarter worth approximately $291,000. Finally, Virtu Financial LLC raised its stake in shares of Ocean Power Technologies by 57.9% during the fourth quarter. Virtu Financial LLC now owns 111,182 shares of the energy company’s stock worth $113,000 after buying an additional 40,772 shares during the last quarter. 11.93% of the stock is owned by institutional investors and hedge funds.

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.