StockNews.com Begins Coverage on Ocean Power Technologies (NASDAQ:OPTT)

Stock analysts at StockNews.com started coverage on shares of Ocean Power Technologies (NASDAQ:OPTT) in a report released on Tuesday. The brokerage set a “sell” rating on the energy company’s stock.

Ocean Power Technologies Price Performance

Shares of Ocean Power Technologies stock opened at $1.02 on Tuesday. Ocean Power Technologies has a 1-year low of $0.12 and a 1-year high of $1.37. The stock has a market cap of $148.96 million, a P/E ratio of -2.55 and a beta of 2.85. The stock’s 50 day simple moving average is $0.30 and its 200-day simple moving average is $0.25.

Institutional Investors Weigh In On Ocean Power Technologies

An institutional investor recently bought a new position in Ocean Power Technologies stock. Sargent Investment Group LLC purchased a new position in shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 200,000 shares of the energy company’s stock, valued at approximately $31,000. Sargent Investment Group LLC owned 0.20% of Ocean Power Technologies at the end of the most recent quarter. 11.93% of the stock is currently owned by institutional investors and hedge funds.

Ocean Power Technologies Company Profile

Ocean Power Technologies, Inc develops and commercializes proprietary power platforms that generate electricity by harnessing the renewable energy of ocean waves in North America, South America, Australia, and Asia. It offers PB3 PowerBuoy that generates power for use independent of the power grid in offshore locations.