Ocean Power Technologies (NASDAQ:OPTT) Stock Price Passes Above 200 Day Moving Average - Time to Sell?

Key Points

• Ocean Power Technologies' stock price has recently surpassed its 200-day moving average of $0.51, indicating potential upward momentum despite a current trading price of $0.51.
• Analysts have mixed outlooks with one rating a Buy at a target price of $1.50, while another has issued a Hold rating, leading to a consensus rating of Moderate Buy.
• Institutional investors have significantly increased their holdings in the company, with JPMorgan Chase & Co. boosting its position by 31,555.8% in the latest quarter.

Ocean Power Technologies, Inc. (NASDAQ:OPTT - Get Free Report) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $0.51 and traded as high as $0.51. Ocean Power Technologies shares last traded at $0.51, with a volume of 1,929,646 shares traded.

Analyst Ratings Changes

Several analysts recently issued reports on the company. LADENBURG THALM/SH SH assumed coverage on Ocean Power Technologies in a report on Wednesday, September 24th. They set a "buy" rating and a $1.50 target price on the stock. Zacks Research raised Ocean Power Technologies to a "hold" rating in a research report on Friday, September 26th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Ocean Power Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $1.50.

Ocean Power Technologies Price Performance

The business has a 50-day simple moving average of $0.53 and a two-hundred day simple moving average of $0.51. The stock has a market cap of $93.28 million, a price-to-earnings ratio of -1.59 and a beta of 2.49.

Ocean Power Technologies (NASDAQ:OPTT - Get Free Report) last posted its earnings results on Monday, September 15th. The energy company reported ($0.04) 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 company posted ($0.05) earnings per share.

Hedge Funds Weigh In On Ocean Power Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its position in shares of Ocean Power Technologies by 31,555.8% in 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. Baader Bank Aktiengesellschaft grew its position 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 last quarter. SBI Securities Co. Ltd. grew its position in shares of Ocean Power Technologies by 29.4% in 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. Finally, Geode Capital Management LLC grew its position in shares of Ocean Power Technologies by 15.2% in 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. Institutional investors and hedge funds own 11.93% of the company's stock.

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.

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