Ocean Power Technologies (NASDAQ:OPTT) Shares Pass Above 200 Day Moving Average – Here’s Why

Ocean Power Technologies, Inc. (NASDAQ:OPTT) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.28 and traded as high as $1.60. Ocean Power Technologies shares last traded at $1.41, with a volume of 35,607,423 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on shares of Ocean Power Technologies in a report on Tuesday, December 31st. They issued a “sell” rating for the company.

Ocean Power Technologies Trading Down 24.1 %

The stock has a market capitalization of $156.26 million, a price-to-earnings ratio of -2.67 and a beta of 2.63. The firm has a 50-day moving average of $0.43 and a 200-day moving average of $0.29.

Hedge Funds Weigh In On Ocean Power Technologies

A hedge fund recently bought a new stake in Ocean Power Technologies stock. Sargent Investment Group LLC bought a new stake in Ocean Power Technologies, Inc. (NASDAQ:OPTT) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 200,000 shares of the energy company’s stock, valued at approximately $31,000. Sargent Investment Group LLC owned approximately 0.20% of Ocean Power Technologies as of its most recent SEC filing. 11.93% of the stock is owned by institutional investors and hedge funds.

Ocean Power Technologies Company Profile

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.