Ocean Power Technologies (NASDAQ:OPTT) Shares Cross Above 200-Day Moving Average - Should You Sell?

Key Points

• Ocean Power Technologies' stock recently crossed above its 200-day moving average, with the stock trading at $0.52 after reaching a high of $0.54.
• The company has a market cap of $93.25 million and a price-to-earnings ratio of -1.61, indicating losses relative to its earnings.
• Recent activity shows that institutional investors, including LPL Financial and JPMorgan Chase, have significantly increased their stakes, with JPMorgan bolstering its position by 31,555.8%.

Ocean Power Technologies, Inc. (NASDAQ:OPTT - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $0.53 and traded as high as $0.54. Ocean Power Technologies shares last traded at $0.52, with a volume of 4,012,073 shares changing hands.

Ocean Power Technologies Trading Down 4.7%

The stock has a market capitalization of $93.76 million, a PE ratio of -1.62 and a beta of 2.62. The firm's fifty day moving average is $0.55 and its 200-day moving average is $0.52.

Institutional Trading of Ocean Power Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. LPL Financial LLC purchased a new stake in Ocean Power Technologies during the fourth quarter worth about $26,000. Geode Capital Management LLC increased its stake in shares of Ocean Power Technologies by 35.3% during the fourth quarter. Geode Capital Management LLC now owns 1,012,955 shares of the energy company's stock worth $1,033,000 after buying an additional 264,382 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Ocean Power Technologies by 31,555.8% during the second 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 during the period. SBI Securities Co. Ltd. increased its stake in shares of Ocean Power Technologies by 29.4% during the second 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 during the period. Finally, Baader Bank Aktiengesellschaft increased its stake in shares of Ocean Power Technologies by 349.2% during the second quarter. Baader Bank Aktiengesellschaft now owns 100,000 shares of the energy company's stock worth $47,000 after buying an additional 77,738 shares during the period. 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.