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

Key Points

• LADENBURG THALM/SH SH upgraded Ocean Power Technologies (NASDAQ:OPTT) to a strong-buy, while HC Wainwright initiated coverage with a Buy rating and a $1.50 target; the consensus from analysts is a Buy with an average price target of $1.50.
• OPTT opened at $0.47 (12‑month range $0.29–$0.98) with a market cap of $91.75 million, and recently reported -$0.06 EPS with substantially negative margins and return on equity.
• Institutional investors have been active—Vanguard now owns about 6.94 million shares after a recent increase, and overall institutional ownership stands at roughly 11.93%.

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

Separately, HC Wainwright started coverage on shares of Ocean Power Technologies in a research report on Thursday, December 18th. They issued a "buy" rating and a $1.50 target price for the company. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $1.50.

Ocean Power Technologies Stock Performance

OPTT opened at $0.47 on Monday. Ocean Power Technologies has a twelve month low of $0.29 and a twelve month high of $0.98. The firm's 50-day simple moving average is $0.42 and its 200-day simple moving average is $0.49. The firm has a market cap of $91.75 million, a price-to-earnings ratio of -1.47 and a beta of 2.39.

Ocean Power Technologies (NASDAQ:OPTT - Get Free Report) last released its earnings results on Monday, December 15th. The energy company reported ($0.06) earnings per share for the quarter. Ocean Power Technologies had a negative return on equity of 97.03% and a negative net margin of 304.91%.During the same period in the prior year, the company posted ($0.04) EPS.

Hedge Funds Weigh In On Ocean Power Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Connective Capital Management LLC purchased a new stake in shares of Ocean Power Technologies in the third quarter worth about $593,000. Vanguard Group Inc. lifted its stake in Ocean Power Technologies by 8.6% during the third quarter. Vanguard Group Inc. now owns 6,935,047 shares of the energy company's stock worth $3,495,000 after purchasing an additional 549,308 shares during the last quarter. Hamilton Capital Partners LLC bought a new stake in Ocean Power Technologies in the 4th quarter worth approximately $91,000. Squarepoint Ops LLC bought a new stake in shares of Ocean Power Technologies in the 3rd quarter worth approximately $129,000. Finally, Geode Capital Management LLC grew its stake in shares of Ocean Power Technologies by 15.2% during the second quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company's stock valued at $853,000 after buying an additional 236,542 shares during the last quarter. 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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