Odyssey Marine Exploration (NASDAQ:OMEX) Shares Gap Down - Here's What Happened

Key Points

• Odyssey Marine Exploration shares gapped down from a prior close of $13.55 to open at $12.26, later trading near $13.44 on volume of 3,517 shares.
• Analyst sentiment remains negative: Wall Street Zen upgraded the stock from “strong sell” to “sell,” while Weiss Ratings reiterated a “sell (D-)” rating. MarketBeat reports a consensus rating of “Sell.”
• The company reported a quarterly loss of $4.00 per share on just $0.08 million in revenue. Renaissance Technologies increased its stake by 10.9%, while institutional investors collectively owned 49.96% of the stock.

Shares of Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - Get Free Report) gapped down prior to trading on Thursday. The stock had previously closed at $13.55, but opened at $12.26. Odyssey Marine Exploration shares last traded at $13.4370, with a volume of 3,517 shares.

Wall Street Analysts Forecast Growth

OMEX has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Odyssey Marine Exploration from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Odyssey Marine Exploration in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Odyssey Marine Exploration has a consensus rating of "Sell".

Odyssey Marine Exploration Trading Down 2.3%

The business's 50-day simple moving average is $0.72 and its two-hundred day simple moving average is $19.49. The firm has a market cap of $776.78 million, a price-to-earnings ratio of -15.57 and a beta of 0.06.

Odyssey Marine Exploration (NASDAQ:OMEX - Get Free Report) last issued its earnings results on Tuesday, August 11th. The business services provider reported ($4.00) earnings per share for the quarter. The business had revenue of $0.08 million during the quarter.

Institutional Trading of Odyssey Marine Exploration

A hedge fund recently raised its stake in Odyssey Marine Exploration stock. Renaissance Technologies LLC increased its holdings in Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - Free Report) by 10.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 541,721 shares of the business services provider's stock after acquiring an additional 53,122 shares during the period. Renaissance Technologies LLC owned about 0.92% of Odyssey Marine Exploration worth $452,000 at the end of the most recent quarter. 49.96% of the stock is owned by institutional investors.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc is a deep-ocean exploration and technology company headquartered in Tampa, Florida. The company specializes in locating, researching, and developing marine mineral and other ocean-based resources, using remote-sensing systems, remotely operated vehicles, geophysical surveys, and related subsea technologies.

Historically, Odyssey became known for its work identifying and recovering valuable shipwreck cargoes, including the discovery of the shipwreck known as the SS Central America.

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