Ocean Power Technologies (NASDAQ:OPTT) Rating Increased to Strong-Buy at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH upgraded shares of Ocean Power Technologies (NASDAQ:OPTT) to a strong-buy rating in a report released on Wednesday,Zacks.com reports.

Ocean Power Technologies Price Performance

Shares of NASDAQ:OPTT opened at $0.36 on Wednesday. The company has a market capitalization of $81.75 million, a price-to-earnings ratio of -1.12 and a beta of 2.55. The business’s 50-day moving average is $0.38 and its 200-day moving average is $0.42. Ocean Power Technologies has a 1 year low of $0.29 and a 1 year high of $0.90.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Abich Financial Wealth Management LLC acquired a new position in shares of Ocean Power Technologies in the 3rd quarter valued at about $25,000. JPMorgan Chase & Co. lifted its stake in shares of Ocean Power Technologies by 31,555.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company’s stock valued at $33,000 after purchasing an additional 68,476 shares during the period. Private Advisor Group LLC acquired a new position in shares of Ocean Power Technologies in the 1st quarter valued at about $35,000. Virtu Financial LLC acquired a new position in shares of Ocean Power Technologies in the 3rd quarter valued at about $73,000. Finally, Hamilton Capital Partners LLC acquired a new position in shares of Ocean Power Technologies in the 4th quarter valued at about $91,000. 11.93% of the stock is owned by institutional investors and hedge funds.

About Ocean Power Technologies

Ocean Power Technologies, Inc (NASDAQ: OPTT) is a renewable energy company that develops and commercializes systems to harness clean, reliable power from ocean waves. Headquartered in Pennington, New Jersey, the company’s core focus is on the design, engineering and deployment of its proprietary PowerBuoy® wave energy converter. By capturing the mechanical motion of surface waves and converting it into electrical energy, Ocean Power Technologies aims to deliver environmentally sustainable power solutions for offshore and remote operations.

The company’s primary product line, the PowerBuoy®, employs a point?absorber design in which a floating buoy moves relative to a seabed?anchored spar.