Ocean Power Technologies (NASDAQ:OPTT) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Ocean Power Technologies, Inc. (NASDAQ:OPTT)’s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $0.28 and traded as high as $1.60. Ocean Power Technologies shares last traded at $1.41, with a volume of 35,607,423 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com assumed coverage on Ocean Power Technologies in a research report on Tuesday, December 31st. They issued a “sell” rating for the company.

Ocean Power Technologies Stock Down 12.4 %

The stock has a market capitalization of $205.91 million, a PE ratio of -3.52 and a beta of 2.63. The stock’s 50-day moving average is $0.39 and its 200 day moving average is $0.28.

Institutional Trading of Ocean Power Technologies

An institutional investor recently bought a new position in Ocean Power Technologies stock. Sargent Investment Group LLC purchased a new stake in Ocean Power Technologies, Inc. (NASDAQ:OPTT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 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 filing with the SEC. 11.93% of the stock is owned by hedge funds and other institutional investors.

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.