Ocean Power Technologies (NASDAQ:OPTT) Shares Pass Above 200-Day Moving Average - Time to Sell?

Key Points

• Ocean Power Technologies shares have surged above their 200-day moving average, reaching $0.53 during trading with a market cap of $95.40 million.
• The company reported a quarterly earnings loss of ($0.04) EPS, indicating a negative net margin of 304.91% and a return on equity of -97.03%.
• Several institutional investors have significantly increased their holdings in the company, with JPMorgan Chase raising its position by an extraordinary 31,555.8% in the second quarter.

Ocean Power Technologies, Inc. (NASDAQ:OPTT - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.51 and traded as high as $0.53. Ocean Power Technologies shares last traded at $0.53, with a volume of 4,286,746 shares trading hands.

Ocean Power Technologies Price Performance

The stock has a market cap of $95.40 million, a PE ratio of -1.65 and a beta of 2.49. The business has a fifty day moving average of $0.55 and a 200 day moving average of $0.51.

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 period last year, the firm posted ($0.05) EPS.

Institutional Trading of Ocean Power Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in OPTT. Geode Capital Management LLC raised its position in shares of Ocean Power Technologies by 15.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company's stock worth $853,000 after purchasing an additional 236,542 shares during the period. SBI Securities Co. Ltd. increased its position 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 valued at $178,000 after acquiring an additional 84,920 shares during the period. Baader Bank Aktiengesellschaft increased its position in Ocean Power Technologies by 349.2% in 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 during the period. Finally, JPMorgan Chase & Co. increased its position 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 valued at $33,000 after acquiring an additional 68,476 shares during the period. 11.93% of the stock is currently owned by institutional investors and hedge funds.

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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