Ocean Power Technologies (NASDAQ:OPTT) Earns Buy Rating from Analysts at LADENBURG THALM/SH SH

Key Points

• LADENBURG THALM/SH SH has initiated coverage of Ocean Power Technologies (NASDAQ:OPTT) with a "buy" rating and a price target of $1.50, indicating a potential upside of 198.51% from its current price.
• Despite recent analyst optimism, Ocean Power Technologies' stock is currently down 2.4% and had a recent trading price of $0.50.
• Institutional investors are increasing their stake in Ocean Power Technologies, with notable increases from Baader Bank (349.2%) and JPMorgan Chase (31,555.8%).

Stock analysts at LADENBURG THALM/SH SH began coverage on shares of Ocean Power Technologies (NASDAQ:OPTT - Get Free Report) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage set a "buy" rating and a $1.50 price target on the energy company's stock. LADENBURG THALM/SH SH's price objective indicates a potential upside of 198.51% from the company's current price.

Ocean Power Technologies Stock Down 2.4%

Shares of NASDAQ OPTT opened at $0.50 on Wednesday. Ocean Power Technologies has a 52-week low of $0.14 and a 52-week high of $1.75. The firm has a fifty day moving average of $0.55 and a 200-day moving average of $0.51. The stock has a market capitalization of $91.96 million, a PE ratio of -1.57 and a beta of 2.49.

Ocean Power Technologies (NASDAQ:OPTT - Get Free Report) last announced its quarterly earnings data on Monday, September 15th. The energy company reported ($0.04) earnings per share (EPS) for the quarter. Ocean Power Technologies had a negative net margin of 304.91% and a negative return on equity of 97.03%. During the same quarter in the previous year, the firm earned ($0.05) EPS.

Hedge Funds Weigh In On Ocean Power Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Baader Bank Aktiengesellschaft lifted its holdings in shares of Ocean Power Technologies by 349.2% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 100,000 shares of the energy company's stock valued at $47,000 after acquiring an additional 77,738 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Ocean Power Technologies by 15.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company's stock worth $853,000 after buying an additional 236,542 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Ocean Power Technologies by 31,555.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company's stock worth $33,000 after buying an additional 68,476 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in Ocean Power Technologies by 29.4% in the 2nd quarter. SBI Securities Co. Ltd. now owns 374,187 shares of the energy company's stock worth $178,000 after buying an additional 84,920 shares in the last quarter. Institutional investors and hedge funds 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.

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