Ocean Power Technologies (NASDAQ:OPTT) Rating Increased to Sell at StockNews.com

StockNews.com upgraded shares of Ocean Power Technologies (NASDAQ:OPTT) to a sell rating in a research report report published on Tuesday morning.

Ocean Power Technologies Stock Performance

NASDAQ OPTT opened at $0.51 on Tuesday. The company has a market cap of $74.73 million, a P/E ratio of -1.60 and a beta of 2.58. The business’s 50 day moving average price is $0.81 and its 200-day moving average price is $0.42. Ocean Power Technologies has a fifty-two week low of $0.12 and a fifty-two week high of $1.75.

Hedge Funds Weigh In On Ocean Power Technologies

Large investors have recently modified their holdings of the stock. LPL Financial LLC bought a new position in shares of Ocean Power Technologies during the 4th quarter valued at approximately $26,000. Sargent Investment Group LLC bought a new position in shares of Ocean Power Technologies during the 3rd quarter valued at approximately $31,000. Penbrook Management LLC bought a new position in shares of Ocean Power Technologies during the 4th quarter valued at approximately $32,000. Arkadios Wealth Advisors bought a new position in Ocean Power Technologies in the 4th quarter valued at $102,000. Finally, Virtu Financial LLC grew its position in Ocean Power Technologies by 57.9% in the 4th quarter. Virtu Financial LLC now owns 111,182 shares of the energy company’s stock valued at $113,000 after acquiring an additional 40,772 shares during the last quarter. 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.