Ocean Power Technologies (NASDAQ:OPTT) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

Ocean Power Technologies, Inc. (NASDAQ:OPTT)’s stock price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $0.22 and traded as high as $0.34. Ocean Power Technologies shares last traded at $0.34, with a volume of 28,845,930 shares trading hands.

Ocean Power Technologies Stock Up 15.8 %

The company has a market capitalization of $33.30 million, a PE ratio of -0.85 and a beta of 2.85. The business has a 50 day simple moving average of $0.21 and a 200 day simple moving average of $0.22.

Ocean Power Technologies (NASDAQ:OPTT) last announced its quarterly earnings data on Monday, September 16th. The energy company reported ($0.05) EPS for the quarter. The company had revenue of $1.30 million during the quarter. Ocean Power Technologies had a negative net margin of 448.27% and a negative return on equity of 101.04%.

Institutional Investors Weigh In On Ocean Power Technologies

A hedge fund recently bought a new stake in Ocean Power Technologies stock. Sargent Investment Group LLC purchased a new stake in shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 200,000 shares of the energy company’s stock, valued at approximately $31,000. Sargent Investment Group LLC owned about 0.20% of Ocean Power Technologies as of its most recent filing with the SEC. 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.