Ocean Power Technologies, Inc. (NASDAQ:OPTT - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $0.51 and traded as high as $0.53. Ocean Power Technologies shares last traded at $0.52, with a volume of 4,503,486 shares changing hands.
Wall Street Analysts Forecast Growth
Several brokerages have commented on OPTT. Zacks Research raised Ocean Power Technologies to a "hold" rating in a research report on Friday, September 26th. LADENBURG THALM/SH SH began coverage on Ocean Power Technologies in a research report on Wednesday, September 24th. They issued a "buy" rating and a $1.50 price target on the stock. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $1.50.
Check Out Our Latest Report on Ocean Power Technologies
Ocean Power Technologies Price Performance
The company has a market cap of $95.17 million, a price-to-earnings ratio of -1.63 and a beta of 2.44. The business has a 50 day simple moving average of $0.52 and a 200 day simple moving average of $0.51.
Ocean Power Technologies (NASDAQ:OPTT - Get Free Report) last issued its quarterly earnings results 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 business posted ($0.05) EPS.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC boosted its position in Ocean Power Technologies by 15.2% during the second quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company's stock valued at $853,000 after purchasing an additional 236,542 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in 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 valued at $178,000 after purchasing an additional 84,920 shares during the last quarter. Baader Bank Aktiengesellschaft boosted its position in Ocean Power Technologies by 349.2% during 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 last quarter. Finally, JPMorgan Chase & Co. boosted its position in 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 valued at $33,000 after purchasing an additional 68,476 shares during the last quarter. 11.93% of the stock is currently owned by institutional investors.
About Ocean Power Technologies
(
Get Free Report)
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.
Further Reading
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