Ocean Power Technologies Sees Unusually High Options Volume (NASDAQ:OPTT)

Key Points

• Ocean Power Technologies, Inc. (NASDAQ:OPTT) experienced an unusual options trading day with 3,316 call options acquired, marking a 57% increase over its typical volume of 2,115 call options.
• The company's stock price declined by 13.9% on Friday, closing at $0.65, with a recent trading volume of 6,364,660 shares.
• Institutional investors have significantly increased their holdings in Ocean Power Technologies, with notable increases from firms like Virtu Financial LLC and Baader Bank Aktiengesellschaft.
• Ocean Power Technologies develops systems to generate electricity from ocean waves, offering products like the PB3 PowerBuoy for use in remote offshore locations.

Ocean Power Technologies, Inc. (NASDAQ:OPTT - ) saw some unusual options trading on Friday. Traders acquired 3,316 call options on the company. This is an increase of approximately 57% compared to the typical volume of 2,115 call options.

Ocean Power Technologies Stock Down 13.9%

Shares of Ocean Power Technologies stock traded down $0.10 on Friday, reaching $0.65. The company's stock had a trading volume of 6,364,660 shares, compared to its average volume of 8,649,821. The company has a market capitalization of $111.83 million, a price-to-earnings ratio of -2.03 and a beta of 2.62. The firm's fifty day simple moving average is $0.55 and its two-hundred day simple moving average is $0.58. Ocean Power Technologies has a 52 week low of $0.14 and a 52 week high of $1.75.

Institutional Trading of Ocean Power Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the business. LPL Financial LLC bought a new stake in shares of Ocean Power Technologies in the fourth quarter worth $26,000. Virtu Financial LLC grew 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 worth $113,000 after acquiring an additional 40,772 shares during the period. Baader Bank Aktiengesellschaft grew 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 worth $47,000 after acquiring an additional 77,738 shares during the period. Finally, Geode Capital Management LLC grew 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 worth $1,033,000 after acquiring an additional 264,382 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.