Ocean Power Technologies (NASDAQ:OPTT) Sees Strong Trading Volume – Time to Buy?

Ocean Power Technologies, Inc. (NASDAQ:OPTT) shares saw strong trading volume on Friday . 233,769 shares traded hands during mid-day trading, a decline of 18% from the previous session’s volume of 284,565 shares.The stock last traded at $2.07 and had previously closed at $1.93.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating on shares of Ocean Power Technologies in a research report on Tuesday, July 28th. One investment 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 stock. Based on data from MarketBeat, Ocean Power Technologies currently has an average rating of “Buy” and a consensus price target of $45.00.

Ocean Power Technologies Stock Performance

The company has a 50 day simple moving average of $5.18 and a 200 day simple moving average of $8.51. The company has a market capitalization of $556.49 million, a PE ratio of -6.44 and a beta of 2.60.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Ocean Power Technologies stock. Private Advisor Group LLC bought a new position in shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 100,000 shares of the energy company’s stock, valued at approximately $35,000. Institutional investors own 11.93% of the company’s stock.

Ocean Power Technologies Company Profile

Ocean Power Technologies, Inc develops ocean-based renewable energy and autonomous maritime technology. The company’s systems are designed to provide persistent power and communications for offshore applications, including maritime security, ocean observation, defense, offshore energy and environmental monitoring.

Its primary product is the PB3 PowerBuoy, a wave-powered platform that generates electricity from ocean-wave motion and can support onboard sensors, communications equipment and other payloads.