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

Key Points

• Odyssey Marine Exploration's stock surpassed its 200-day moving average of $1.03, trading as high as $1.74 before closing at $1.70 with over 1.5 million shares changing hands.
• Wall Street analysts have recently downgraded the stock from a “hold” rating to a “sell” rating, reflecting concerns about the company’s financial performance and outlook.
• Insider selling activity includes a major shareholder disposing of 409,100 shares, resulting in a 17.04% decrease in their ownership, alongside significant hedge fund investments increasing their stakes in the company.

Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - Get Free Report)'s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.03 and traded as high as $1.74. Odyssey Marine Exploration shares last traded at $1.70, with a volume of 1,566,846 shares.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of 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 company's 50 day moving average is $1.58 and its 200 day moving average is $1.06.

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 company had revenue of $0.14 million for the quarter. Odyssey Marine Exploration had a net margin of 174.35% and a negative return on equity of 14.85%.

Insider Buying and Selling

In related news, major shareholder Gallardo Juan Antonio Cortina sold 473,591 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $1.72, for a total transaction of $814,576.52. Following the completion of the transaction, the insider directly owned 2,401,098 shares in the company, valued at $4,129,888.56. This represents a 16.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders have sold 979,100 shares of company stock worth $1,673,942. 8.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Odyssey Marine Exploration

Large investors have recently bought and sold shares of the stock. Voisard Asset Management Group Inc. raised its stake in Odyssey Marine Exploration by 59.1% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 35,000 shares of the business services provider's stock valued at $41,000 after purchasing an additional 13,000 shares during the last quarter. Two Sigma Investments LP acquired a new position in Odyssey Marine Exploration during the 4th quarter valued at $25,000. L. Roy Papp & Associates LLP acquired a new position in Odyssey Marine Exploration during the 1st quarter valued at $61,000. Finally, Two Seas Capital LP increased its holdings in Odyssey Marine Exploration by 2,449.0% in the 4th quarter. Two Seas Capital LP now owns 2,549,049 shares of the business services provider's stock valued at $1,835,000 after buying an additional 2,449,049 shares during the period. 49.96% of the stock is currently owned by institutional investors and hedge funds.

Odyssey Marine Exploration Company Profile

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.