Ocean Power Technologies (NASDAQ:OPTT) Shares Pass Above 200-Day Moving Average - Here's What Happened

Key Points

• Ocean Power Technologies (NASDAQ: OPTT) shares surpassed their 200-day moving average, reaching a price of $0.58 during trading, with the last recorded price at $0.57.
• The company's market capitalization stands at $103.33 million, with institutions notably increasing their stakes, including JPMorgan Chase & Co. raising theirs by 31,555.8%.
• Ocean Power Technologies specializes in developing power platforms that harness the renewable energy of ocean waves, operating in multiple regions including North America and Asia.

Ocean Power Technologies, Inc. (NASDAQ:OPTT - )'s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.51 and traded as high as $0.58. Ocean Power Technologies shares last traded at $0.57, with a volume of 6,454,369 shares changing hands.

Ocean Power Technologies Stock Up 9.4%

The firm has a market capitalization of $103.33 million, a PE ratio of -1.79 and a beta of 2.49. The stock has a 50-day moving average price of $0.56 and a 200 day moving average price of $0.51.

Institutional Trading of Ocean Power Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in OPTT. JPMorgan Chase & Co. boosted its stake 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 worth $33,000 after acquiring an additional 68,476 shares during the last quarter. Baader Bank Aktiengesellschaft boosted its stake 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 worth $47,000 after acquiring an additional 77,738 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake 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 worth $178,000 after acquiring an additional 84,920 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake 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 worth $853,000 after acquiring an additional 236,542 shares during the last quarter. 11.93% of the stock is currently 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.

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