Traders Purchase High Volume of Call Options on Ocean Power Technologies (NASDAQ:OPTT)

Ocean Power Technologies, Inc. (NASDAQ:OPTT) was the target of unusually large options trading on Friday. Investors acquired 8,324 call options on the company. This represents an increase of 212% compared to the typical daily volume of 2,664 call options.

Institutional Investors Weigh In On Ocean Power Technologies

Institutional investors have recently bought and sold shares of the stock. Abich Financial Wealth Management LLC purchased a new stake in Ocean Power Technologies during the 3rd quarter valued at about $25,000. JPMorgan Chase & Co. boosted its holdings in Ocean Power Technologies by 31,555.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company’s stock valued at $33,000 after acquiring an additional 68,476 shares during the period. Private Advisor Group LLC purchased a new stake in Ocean Power Technologies during the 1st quarter valued at about $35,000. Virtu Financial LLC purchased a new stake in Ocean Power Technologies during the 3rd quarter valued at about $73,000. Finally, Hamilton Capital Partners LLC purchased a new stake in Ocean Power Technologies during the 4th quarter valued at about $91,000. 11.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, LADENBURG THALM/SH SH upgraded Ocean Power Technologies to a “strong-buy” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Ocean Power Technologies currently has an average rating of “Buy” and an average target price of $1.50.

Ocean Power Technologies Stock Down 24.0%

Shares of Ocean Power Technologies stock traded down $0.09 during trading on Friday, hitting $0.30. 18,109,612 shares of the stock traded hands, compared to its average volume of 9,719,384. The stock has a market cap of $67.27 million, a price-to-earnings ratio of -0.92 and a beta of 2.53. The firm’s fifty day moving average is $0.36 and its 200-day moving average is $0.40. Ocean Power Technologies has a 52 week low of $0.29 and a 52 week high of $0.90.

Ocean Power Technologies Company Profile

Ocean Power Technologies, Inc (NASDAQ: OPTT) is a renewable energy company that develops and commercializes systems to harness clean, reliable power from ocean waves. Headquartered in Pennington, New Jersey, the company’s core focus is on the design, engineering and deployment of its proprietary PowerBuoy® wave energy converter. By capturing the mechanical motion of surface waves and converting it into electrical energy, Ocean Power Technologies aims to deliver environmentally sustainable power solutions for offshore and remote operations.

The company’s primary product line, the PowerBuoy®, employs a point‐absorber design in which a floating buoy moves relative to a seabed‐anchored spar.