Ocean Power Technologies (NASDAQ:OPTT) Stock Price Crosses Above 200 Day Moving Average – What’s Next?

Ocean Power Technologies, Inc. (NASDAQ:OPTT)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $0.45 and traded as high as $0.54. Ocean Power Technologies shares last traded at $0.53, with a volume of 6,430,841 shares.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Ocean Power Technologies to a “sell” rating in a research report on Tuesday, March 4th.

Ocean Power Technologies Stock Up 12.0 %

The firm’s 50-day moving average price is $0.69 and its 200 day moving average price is $0.45. The firm has a market cap of $90.20 million, a P/E ratio of -1.66 and a beta of 2.57.

Hedge Funds Weigh In On Ocean Power Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of OPTT. Sargent Investment Group LLC grew its position in 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 valued at $539,000 after buying an additional 328,000 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Ocean Power Technologies in the 4th quarter valued at about $291,000. Geode Capital Management LLC grew its position in Ocean Power Technologies by 35.3% in the 4th 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 in the last quarter. Arkadios Wealth Advisors bought a new position in Ocean Power Technologies in the 4th quarter valued at about $102,000. Finally, Virtu Financial LLC grew its position in 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 buying an additional 40,772 shares in the last quarter. 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.