Ocean Power Technologies (NASDAQ:OPTT) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Ocean Power Technologies, Inc. (NASDAQ:OPTT) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.34 and traded as high as $0.95. Ocean Power Technologies shares last traded at $0.84, with a volume of 17,595,919 shares changing hands.

Analyst Upgrades and Downgrades

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

Ocean Power Technologies Stock Up 0.6 %

The firm has a 50 day moving average of $0.60 and a 200 day moving average of $0.34. The firm has a market cap of $123.51 million, a price-to-earnings ratio of -2.64 and a beta of 2.63.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arkadios Wealth Advisors acquired a new position in shares of Ocean Power Technologies during the fourth quarter worth approximately $102,000. Penbrook Management LLC bought a new stake in Ocean Power Technologies during the 4th quarter valued at $32,000. Finally, Sargent Investment Group LLC acquired a new position in Ocean Power Technologies during the third quarter worth $31,000. 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.