Ocean Power Technologies (NASDAQ:OPTT) Stock Price Crosses Above 200-Day Moving Average - What's Next?

Key Points

• Ocean Power Technologies shares have crossed above their 200-day moving average of $0.52, trading at $0.51 with a high of $0.53 during recent sessions.
• The company has a market capitalization of $92.11 million and a price-to-earnings ratio of -1.59, indicating a challenging profitability scenario.
• Institutional investments in Ocean Power Technologies have seen significant increases, with JPMorgan Chase & Co. boosting its stake by over 31,000% in the second quarter.

Ocean Power Technologies, Inc. (NASDAQ:OPTT - Get Free Report)'s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.52 and traded as high as $0.53. Ocean Power Technologies shares last traded at $0.51, with a volume of 2,003,034 shares trading hands.

Ocean Power Technologies Stock Down 0.1%

The business's fifty day moving average price is $0.55 and its 200 day moving average price is $0.51. The firm has a market capitalization of $90.05 million, a PE ratio of -1.56 and a beta of 2.49.

Institutional Investors Weigh In On Ocean Power Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in OPTT. JPMorgan Chase & Co. raised its holdings in shares of Ocean Power Technologies by 31,555.8% in the second quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company's stock valued at $33,000 after buying an additional 68,476 shares during the last quarter. Baader Bank Aktiengesellschaft raised its holdings in shares of Ocean Power Technologies by 349.2% in the second quarter. Baader Bank Aktiengesellschaft now owns 100,000 shares of the energy company's stock valued at $47,000 after buying an additional 77,738 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Ocean Power Technologies by 29.4% in the second quarter. SBI Securities Co. Ltd. now owns 374,187 shares of the energy company's stock valued at $178,000 after buying an additional 84,920 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Ocean Power Technologies by 15.2% in 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. 11.93% of the stock is owned by hedge funds and other institutional investors.

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.