Short Interest in Ocean Power Technologies Inc (NASDAQ:OPTT) Decreases By 30.3%

Ocean Power Technologies Inc (NASDAQ:OPTT) saw a large drop in short interest in July. As of July 31st, there was short interest totalling 113,700 shares, a drop of 30.3% from the June 30th total of 163,200 shares. Based on an average trading volume of 458,600 shares, the days-to-cover ratio is currently 0.2 days. Approximately 12.1% of the company’s stock are short sold.

An institutional investor recently bought a new position in Ocean Power Technologies stock. AWM Investment Company Inc. purchased a new position in shares of Ocean Power Technologies Inc (NASDAQ:OPTT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 349,900 shares of the energy company’s stock, valued at approximately $668,000. AWM Investment Company Inc. owned approximately 6.06% of Ocean Power Technologies as of its most recent SEC filing. Hedge funds and other institutional investors own 0.25% of the company’s stock.

Separately, ValuEngine raised shares of Ocean Power Technologies from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.

Shares of OPTT traded up $0.03 during mid-day trading on Monday, hitting $1.48. 44,900 shares of the company’s stock were exchanged, compared to its average volume of 542,962. Ocean Power Technologies has a 52 week low of $1.36 and a 52 week high of $16.20. The stock has a 50-day moving average of $1.79.

Ocean Power Technologies (NASDAQ:OPTT) last issued its quarterly earnings results on Monday, July 22nd. The energy company reported ($1.05) earnings per share for the quarter. The business had revenue of $0.19 million for the quarter. Ocean Power Technologies had a negative return on equity of 175.62% and a negative net margin of 1,940.89%.

Ocean Power Technologies Company Profile

Ocean Power Technologies, Inc is a renewable wave-energy technology company, which engages in the development of commercialize proprietary systems that generate electricity through ocean waves. It offers the PB3 PowerBuoy which generates electricity by harnessing the renewable energy of ocean waves. It operates through the following geographical segments: North America; Europe; and Asia and Australia.

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