Odyssey Marine Exploration (NASDAQ:OMEX) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Odyssey Marine Exploration's shares have crossed above the 200-day moving average, trading up to a high of $2.25 before settling at $1.96, indicating a potential shift in market momentum.
• Analyst ratings have been downgraded from a "hold" to a "sell," which may impact investor sentiment moving forward.
• Insiders have sold over 979,100 shares worth approximately $1.67 million in the last three months, reducing their overall ownership in the company.

Shares of Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.97 and traded as high as $2.25. Odyssey Marine Exploration shares last traded at $1.96, with a volume of 4,749,156 shares trading hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Odyssey Marine Exploration from a "hold" rating to a "sell" rating in a research note on Sunday, August 10th.

Odyssey Marine Exploration Stock Performance

The firm has a 50 day moving average of $1.48 and a 200 day moving average of $0.99.

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

Insider Transactions at Odyssey Marine Exploration

In other Odyssey Marine Exploration news, major shareholder Gallardo Juan Antonio Cortina sold 473,591 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $1.72, for a total value of $814,576.52. Following the transaction, the insider owned 2,401,098 shares in the company, valued at approximately $4,129,888.56. This represents a 16.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 979,100 shares of company stock valued at $1,673,942 in the last 90 days. 7.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OMEX. Two Seas Capital LP boosted its holdings in Odyssey Marine Exploration by 2,449.0% in the fourth quarter. Two Seas Capital LP now owns 2,549,049 shares of the business services provider's stock worth $1,835,000 after acquiring an additional 2,449,049 shares in the last quarter. L. Roy Papp & Associates LLP bought a new position in Odyssey Marine Exploration in the first quarter worth approximately $61,000. Two Sigma Investments LP bought a new position in Odyssey Marine Exploration in the fourth quarter worth approximately $25,000. Finally, Voisard Asset Management Group Inc. boosted its holdings in Odyssey Marine Exploration by 59.1% in 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. Institutional investors own 49.96% of the company's stock.

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.