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

Shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT - Get Free Report) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $0.41 and traded as high as $0.61. Ocean Power Technologies shares last traded at $0.60, with a volume of 2,802,687 shares.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Ocean Power Technologies to a "sell" rating in a report on Tuesday.

Ocean Power Technologies Trading Up 8.1 %

The company has a fifty day moving average of $0.81 and a two-hundred day moving average of $0.42. The stock has a market capitalization of $80.76 million, a price-to-earnings ratio of -1.73 and a beta of 2.58.

Institutional Investors Weigh In On Ocean Power Technologies

Hedge funds have recently bought and sold shares of the company. Sargent Investment Group LLC acquired a new position in shares of Ocean Power Technologies during the 3rd quarter worth about $31,000. Arkadios Wealth Advisors acquired a new position in shares of Ocean Power Technologies during the fourth quarter worth approximately $102,000. Penbrook Management LLC bought a new stake in shares of Ocean Power Technologies in the fourth quarter valued at approximately $32,000. SBI Securities Co. Ltd. bought a new stake in shares of Ocean Power Technologies in the fourth quarter valued at approximately $291,000. Finally, Virtu Financial LLC grew its stake in shares of Ocean Power Technologies by 57.9% in the fourth quarter. Virtu Financial LLC now owns 111,182 shares of the energy company's stock worth $113,000 after acquiring an additional 40,772 shares during the last quarter. 11.93% of the stock is currently owned by institutional investors.

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.