Ocean Power Technologies (NASDAQ:OPTT) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.22 and traded as high as $0.34. Ocean Power Technologies shares last traded at $0.34, with a volume of 28,845,930 shares trading hands.

Ocean Power Technologies Stock Up 15.8 %

The stock has a market capitalization of $33.30 million, a price-to-earnings ratio of -0.85 and a beta of 2.85. The business’s 50 day simple moving average is $0.21 and its 200-day simple moving average is $0.22.

Ocean Power Technologies (NASDAQ:OPTT) last posted its quarterly earnings results on Monday, September 16th. The energy company reported ($0.05) earnings per share (EPS) for the quarter. Ocean Power Technologies had a negative return on equity of 101.04% and a negative net margin of 448.27%. The firm had revenue of $1.30 million for the quarter.

Institutional Trading of Ocean Power Technologies

A hedge fund recently bought a new stake in Ocean Power Technologies stock. Sargent Investment Group LLC acquired a new stake in shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 200,000 shares of the energy company’s stock, valued at approximately $31,000. Sargent Investment Group LLC owned approximately 0.20% of Ocean Power Technologies as of its most recent SEC filing. 11.93% of the stock is currently owned by institutional investors.

About Ocean Power Technologies

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.