Ocean Power Technologies (NASDAQ:OPTT) Stock Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Ocean Power Technologies (NASDAQ:OPTT) recently saw its share price rise above the 200-day moving average of $0.58, trading as high as $0.85, with a last trade at $0.75.
• The company has a market capitalization of $110.58 million and a negative price-to-earnings ratio of -2.01, indicating ongoing financial challenges.
• Recent activity from institutional investors includes significant stake increases, with Geode Capital Management and Virtu Financial raising their holdings substantially, showcasing renewed interest in the company.

Ocean Power Technologies, Inc. (NASDAQ:OPTT - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.58 and traded as high as $0.85. Ocean Power Technologies shares last traded at $0.75, with a volume of 16,313,403 shares.

Ocean Power Technologies Stock Performance

The stock has a market cap of $99.62 million, a PE ratio of -1.81 and a beta of 2.62. The stock has a fifty day moving average price of $0.56 and a 200 day moving average price of $0.57.

Hedge Funds Weigh In On Ocean Power Technologies

A number of institutional investors and hedge funds have recently modified their holdings of OPTT. LPL Financial LLC purchased a new position in Ocean Power Technologies during the 4th quarter valued at $26,000. Virtu Financial LLC increased its holdings 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 valued at $113,000 after purchasing an additional 40,772 shares during the period. Baader Bank Aktiengesellschaft increased 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 purchasing an additional 77,738 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Ocean Power Technologies by 35.3% in the fourth quarter. Geode Capital Management LLC now owns 1,012,955 shares of the energy company's stock valued at $1,033,000 after purchasing an additional 264,382 shares during the period. Hedge funds and other institutional investors own 11.93% of the company's stock.

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.