Ocean Power Technologies (NASDAQ:OPTT) Share Price Crosses 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 Wednesday . The stock has a two hundred day moving average of $0.31 and traded as high as $0.95. Ocean Power Technologies shares last traded at $0.86, with a volume of 25,859,598 shares trading hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on Ocean Power Technologies in a research note on Tuesday, December 31st. They set a “sell” rating on the stock.

Ocean Power Technologies Stock Down 7.4 %

The company has a 50 day moving average of $0.51 and a 200-day moving average of $0.32. The stock has a market capitalization of $133.90 million, a P/E ratio of -2.87 and a beta of 2.63.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Ocean Power Technologies stock. Sargent Investment Group LLC purchased a new position in 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 purchased 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 at the end of the most recent quarter. Institutional investors and hedge funds 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.