Ocean Power Technologies (NASDAQ:OPTT) Issues Earnings Results

Ocean Power Technologies (NASDAQ:OPTT) released its quarterly earnings results on Monday. The energy company reported ($0.06) earnings per share (EPS) for the quarter, RTT News reports. Ocean Power Technologies had a negative return on equity of 97.03% and a negative net margin of 304.91%.

Ocean Power Technologies Trading Down 6.1%

NASDAQ:OPTT opened at $0.42 on Monday. Ocean Power Technologies has a 12-month low of $0.27 and a 12-month high of $1.75. The stock’s 50 day simple moving average is $0.47 and its 200-day simple moving average is $0.52. The firm has a market cap of $81.31 million, a P/E ratio of -1.32 and a beta of 2.33.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Zacks Research upgraded shares of Ocean Power Technologies to a “hold” rating in a research report on Friday, September 26th. LADENBURG THALM/SH SH started coverage on shares of Ocean Power Technologies in a research note on Wednesday, September 24th. They set a “buy” rating and a $1.50 price target for the company. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Ocean Power Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $1.50.

Hedge Funds Weigh In On Ocean Power Technologies

Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in Ocean Power Technologies by 31,555.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company’s stock worth $33,000 after purchasing an additional 68,476 shares during the period. Virtu Financial LLC purchased a new stake in shares of Ocean Power Technologies in the third quarter valued at approximately $73,000. Geode Capital Management LLC grew its holdings in Ocean Power Technologies by 15.2% during the second quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company’s stock worth $853,000 after acquiring an additional 236,542 shares during the period. Squarepoint Ops LLC purchased a new position in Ocean Power Technologies in the third quarter worth $129,000. Finally, Vanguard Group Inc. lifted its holdings in Ocean Power Technologies by 8.6% in the third quarter. Vanguard Group Inc. now owns 6,935,047 shares of the energy company’s stock valued at $3,495,000 after acquiring an additional 549,308 shares during the period. Hedge funds and other institutional investors own 11.93% of the company’s stock.

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.