Ocean Power Technologies (NASDAQ:OPTT) Stock Crosses Above 200-Day Moving Average – Time to Sell?

Ocean Power Technologies, Inc. (NASDAQ:OPTT) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.48 and traded as high as $0.49. Ocean Power Technologies shares last traded at $0.43, with a volume of 3,272,917 shares changing hands.

Wall Street Analyst Weigh In

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

Ocean Power Technologies Trading Down 1.5 %

The business has a 50 day moving average price of $0.53 and a 200-day moving average price of $0.48. The firm has a market capitalization of $68.82 million, a PE ratio of -1.25 and a beta of 2.51.

Institutional Investors Weigh In On Ocean Power Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. 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 worth $1,033,000 after purchasing an additional 264,382 shares in the last quarter. Sargent Investment Group LLC boosted 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 buying an additional 328,000 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Ocean Power Technologies in the 4th quarter valued at about $291,000. Virtu Financial LLC increased its holdings in Ocean Power Technologies by 57.9% during the 4th quarter. Virtu Financial LLC now owns 111,182 shares of the energy company’s stock valued at $113,000 after acquiring an additional 40,772 shares in the last quarter. Finally, Arkadios Wealth Advisors purchased a new position in Ocean Power Technologies during the 4th quarter valued at about $102,000. Institutional investors and hedge funds 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.