Odyssey Marine Exploration (NASDAQ:OMEX) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• Odyssey Marine Exploration's stock price surpassed its 200-day moving average, closing at $1.97 after trading as high as $2.08.
• Wall Street Zen downgraded the company's stock rating from "hold" to "sell" on August 10th, 2023.
• Insider selling has occurred, with a major shareholder divesting 473,591 shares and insiders collectively selling 979,100 shares in the last ninety days.

Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $1.16 and traded as high as $2.08. Odyssey Marine Exploration shares last traded at $1.97, with a volume of 1,221,775 shares trading hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Odyssey Marine Exploration from a "hold" rating to a "sell" rating in a research report on Sunday, August 10th.

Odyssey Marine Exploration Price Performance

The stock's 50-day simple moving average is $1.67 and its 200 day simple moving average is $1.16.

Odyssey Marine Exploration (NASDAQ:OMEX - Get Free Report) last announced its earnings results on Tuesday, August 19th. The business services provider reported ($0.48) earnings per share for the quarter. Odyssey Marine Exploration had a negative return on equity of 14.85% and a net margin of 174.35%.The company had revenue of $0.14 million during the quarter.

Insider Buying and Selling at Odyssey Marine Exploration

In other Odyssey Marine Exploration news, major shareholder Gallardo Juan Antonio Cortina sold 473,591 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $1.72, for a total value of $814,576.52. Following the completion of the transaction, the insider directly owned 2,401,098 shares of the company's stock, valued at approximately $4,129,888.56. The trade was a 16.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 979,100 shares of company stock valued at $1,673,942 over the last ninety days. Insiders own 8.00% of the company's stock.

Institutional Investors Weigh In On Odyssey Marine Exploration

A number of institutional investors and hedge funds have recently modified their holdings of OMEX. L. Roy Papp & Associates LLP acquired a new position in shares of Odyssey Marine Exploration in the first quarter valued at approximately $61,000. Two Sigma Investments LP bought a new stake in Odyssey Marine Exploration during the fourth quarter worth $25,000. Finally, Voisard Asset Management Group Inc. raised its position in Odyssey Marine Exploration by 59.1% during the second quarter. Voisard Asset Management Group Inc. now owns 35,000 shares of the business services provider's stock worth $41,000 after acquiring an additional 13,000 shares in the last quarter. 49.96% of the stock is owned by institutional investors.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc, together with its subsidiaries, discovers, validates, and develops seafloor mineral resources worldwide. The company provides specialized mineral exploration, project development, and marine services to clients. Odyssey Marine Exploration, Inc was founded in 1994 and is headquartered in Tampa, Florida.

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