Ocean Power Technologies (NASDAQ:OPTT) Reaches New 52-Week High - Here's Why

Key Points

• Ocean Power Technologies shares surged to a new 52-week high, reaching $3.19 and representing a 2,547.9% increase from the prior close of $0.1065.
• Analyst sentiment remains positive: HC Wainwright reaffirmed a “Buy” rating, while the three-analyst consensus is “Buy” with an average price target of $1.50.
• Institutional ownership stands at 11.93%, with Vanguard, Geode Capital Management and JPMorgan among investors that recently increased their positions.

Ocean Power Technologies, Inc. (NASDAQ:OPTT - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $3.19 and last traded at $3.1360, with a volume of 214 shares. The stock had previously closed at $0.1065.

Analysts Set New Price Targets

Separately, HC Wainwright restated a "buy" rating on shares of Ocean Power Technologies in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $1.50.

Ocean Power Technologies Trading Up 2,547.9%

The stock's 50 day moving average is $0.19 and its 200-day moving average is $0.29. The company has a market cap of $761.79 million, a P/E ratio of -9.11 and a beta of 2.60.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Geode Capital Management LLC boosted its position in shares of Ocean Power Technologies by 15.2% during the second quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company's stock valued at $853,000 after buying an additional 236,542 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Ocean Power Technologies by 31,555.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company's stock valued at $33,000 after acquiring an additional 68,476 shares during the period. Vanguard Group Inc. lifted its stake in Ocean Power Technologies by 8.6% during the 3rd quarter. Vanguard Group Inc. now owns 6,935,047 shares of the energy company's stock valued at $3,495,000 after acquiring an additional 549,308 shares during the period. Squarepoint Ops LLC purchased a new stake in shares of Ocean Power Technologies during the 3rd quarter valued at about $129,000. Finally, Virtu Financial LLC purchased a new stake in shares of Ocean Power Technologies during the 3rd quarter valued at about $73,000. Hedge funds and other institutional investors own 11.93% of the company's stock.

About Ocean Power Technologies

Ocean Power Technologies, Inc develops ocean-based renewable energy and autonomous maritime technology. The company's systems are designed to provide persistent power and communications for offshore applications, including maritime security, ocean observation, defense, offshore energy and environmental monitoring.

Its primary product is the PB3 PowerBuoy, a wave-powered platform that generates electricity from ocean-wave motion and can support onboard sensors, communications equipment and other payloads.

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