Insider Buying: Ocean Power Technologies, Inc. (NASDAQ:OPTT) Director Acquires 100,000 Shares of Stock

Ocean Power Technologies, Inc. (NASDAQ:OPTT) Director Terence James Cryan acquired 100,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were purchased at an average cost of $0.15 per share, for a total transaction of $15,000.00. Following the completion of the acquisition, the director now directly owns 358,658 shares in the company, valued at approximately $53,798.70. This represents a 38.66 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Ocean Power Technologies Stock Performance

OPTT stock opened at $0.14 on Friday. The firm has a market cap of $13.91 million, a PE ratio of -0.35 and a beta of 2.18. The firm has a fifty day moving average price of $0.16 and a 200 day moving average price of $0.20. Ocean Power Technologies, Inc. has a fifty-two week low of $0.12 and a fifty-two week high of $0.57.

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

Institutional Investors Weigh In On Ocean Power Technologies

A hedge fund recently bought a new stake in Ocean Power Technologies stock. Sargent Investment Group LLC bought 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 Securities and Exchange Commission. The fund bought 200,000 shares of the energy company’s stock, valued at approximately $31,000. Sargent Investment Group LLC owned about 0.20% of Ocean Power Technologies as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 11.93% of the company’s stock.

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.