Ocean Power Technologies (NASDAQ:OPTT) Stock Passes Above 200-Day Moving Average – Here’s Why

Ocean Power Technologies, Inc. (NASDAQ:OPTT) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.41 and traded as high as $0.61. Ocean Power Technologies shares last traded at $0.60, with a volume of 2,802,687 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Ocean Power Technologies to a “sell” rating in a report on Friday, January 31st.

Ocean Power Technologies Price Performance

The firm has a market cap of $87.36 million, a PE ratio of -1.87 and a beta of 2.59. The company has a 50 day simple moving average of $0.80 and a 200-day simple moving average of $0.41.

Institutional Investors Weigh In On Ocean Power Technologies

Institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in Ocean Power Technologies by 35.3% during the fourth quarter. Geode Capital Management LLC now owns 1,012,955 shares of the energy company’s stock valued at $1,033,000 after buying an additional 264,382 shares during the period. Sargent Investment Group LLC lifted its position in shares of Ocean Power Technologies by 164.0% in the 4th quarter. Sargent Investment Group LLC now owns 528,000 shares of the energy company’s stock worth $539,000 after purchasing an additional 328,000 shares during the period. SBI Securities Co. Ltd. purchased a new stake in Ocean Power Technologies in the fourth quarter worth about $291,000. Virtu Financial LLC lifted its stake in shares of Ocean Power Technologies by 57.9% in the 4th quarter. Virtu Financial LLC now owns 111,182 shares of the energy company’s stock valued at $113,000 after purchasing an additional 40,772 shares during the period. Finally, Arkadios Wealth Advisors purchased a new position in Ocean Power Technologies during the fourth quarter valued at $102,000. 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.