Ocean Power Technologies (NASDAQ:OPTT) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

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 $0.34 and traded as high as $0.95. Ocean Power Technologies shares last traded at $0.84, with a volume of 17,595,919 shares.

Analyst Upgrades and Downgrades

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

Ocean Power Technologies Trading Down 11.6 %

The company has a fifty day simple moving average of $0.58 and a 200-day simple moving average of $0.34. The stock has a market cap of $122.75 million, a price-to-earnings ratio of -2.63 and a beta of 2.63.

Hedge Funds Weigh In On Ocean Power Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Penbrook Management LLC purchased a new position in Ocean Power Technologies during the 4th quarter valued at about $32,000. Arkadios Wealth Advisors purchased a new position in Ocean Power Technologies during the 4th quarter valued at about $102,000. Finally, Sargent Investment Group LLC purchased a new position in Ocean Power Technologies during the 3rd quarter valued at about $31,000. Hedge funds and other 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.