Odyssey Marine Exploration (NASDAQ:OMEX) Share Price Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Odyssey Marine Exploration's stock price surged above its 200-day moving average, reaching a high of $1.76 before settling at $1.59.
• Wall Street Zen has initiated coverage on Odyssey Marine Exploration with a "sell" rating, indicating bearish sentiment from analysts.
• Institutional investors have actively adjusted their positions, with Voisard Asset Management increasing its holdings by 59.1%, demonstrating renewed interest in the stock.

Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - Get Free Report) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $0.80 and traded as high as $1.76. Odyssey Marine Exploration shares last traded at $1.59, with a volume of 1,707,810 shares traded.

Analysts Set New Price Targets

Separately, Wall Street Zen assumed coverage on Odyssey Marine Exploration in a research report on Tuesday, April 29th. They issued a "sell" rating for the company.

Odyssey Marine Exploration Price Performance

The firm has a 50 day moving average of $1.19 and a 200-day moving average of $0.80.

Odyssey Marine Exploration (NASDAQ:OMEX - Get Free Report) last released its earnings results on Monday, May 12th. The business services provider reported $0.01 earnings per share (EPS) for the quarter. Odyssey Marine Exploration had a negative return on equity of 14.85% and a net margin of 2,054.49%. The firm had revenue of $0.14 million for the quarter.

Hedge Funds Weigh In On Odyssey Marine Exploration

Several hedge funds and other institutional investors have recently modified their holdings of OMEX. Two Sigma Investments LP bought a new position in shares of Odyssey Marine Exploration during the 4th quarter worth approximately $25,000. XTX Topco Ltd raised its position in Odyssey Marine Exploration by 225.5% in the 4th quarter. XTX Topco Ltd now owns 41,778 shares of the business services provider's stock valued at $30,000 after purchasing an additional 28,943 shares during the last quarter. Voisard Asset Management Group Inc. raised its position in Odyssey Marine Exploration by 59.1% in 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. L. Roy Papp & Associates LLP bought a new position in Odyssey Marine Exploration in the 1st quarter valued at $61,000. Finally, Two Seas Capital LP raised its position 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 purchasing an additional 2,449,049 shares during 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.