LADENBURG THALM/SH SH Upgrades Ocean Power Technologies (NASDAQ:OPTT) to Strong-Buy

Key Points

• LADENBURG THALM/SH SH upgraded Ocean Power Technologies (NASDAQ:OPTT) to a "strong-buy," indicating increased analyst optimism about the stock.
• The shares trade around $0.36 with a market cap of $81.75 million, a high beta (2.55) and a 52‑week range of $0.29–$0.90; institutional investors own about 11.93% of the company, with recent purchases by firms like Virtu Financial and Connective Capital.
• Ocean Power Technologies develops the PowerBuoy® wave-energy converter to convert ocean wave motion into renewable electrical power for offshore and remote operations.

Ocean Power Technologies (NASDAQ:OPTT - Get Free Report) was upgraded by equities research analysts at LADENBURG THALM/SH SH to a "strong-buy" rating in a note issued to investors on Wednesday,Zacks.com reports.

Ocean Power Technologies Price Performance

NASDAQ:OPTT opened at $0.36 on Wednesday. The firm has a market cap of $81.75 million, a price-to-earnings ratio of -1.12 and a beta of 2.55. The company has a 50 day moving average price of $0.38 and a 200-day moving average price of $0.42. Ocean Power Technologies has a 1-year low of $0.29 and a 1-year high of $0.90.

Institutional Investors Weigh In On Ocean Power Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in OPTT. Private Advisor Group LLC purchased a new stake in Ocean Power Technologies during the 1st quarter worth approximately $35,000. Virtu Financial LLC grew its position in shares of Ocean Power Technologies by 68.3% in the fourth quarter. Virtu Financial LLC now owns 245,368 shares of the energy company's stock valued at $74,000 after purchasing an additional 99,544 shares in the last quarter. Hamilton Capital Partners LLC purchased a new stake in shares of Ocean Power Technologies in the fourth quarter valued at approximately $91,000. Connective Capital Management LLC purchased a new stake in shares of Ocean Power Technologies in the third quarter valued at approximately $593,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Ocean Power Technologies in the third quarter valued at approximately $129,000. Hedge funds and other institutional investors own 11.93% of the company's stock.

Ocean Power Technologies Company Profile

Ocean Power Technologies, Inc NASDAQ: OPTT is a renewable energy company that develops and commercializes systems to harness clean, reliable power from ocean waves. Headquartered in Pennington, New Jersey, the company's core focus is on the design, engineering and deployment of its proprietary PowerBuoy® wave energy converter. By capturing the mechanical motion of surface waves and converting it into electrical energy, Ocean Power Technologies aims to deliver environmentally sustainable power solutions for offshore and remote operations.

The company's primary product line, the PowerBuoy®, employs a point‐absorber design in which a floating buoy moves relative to a seabed‐anchored spar.

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