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

Ocean Power Technologies, Inc. (NASDAQ:OPTT) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.40 and traded as high as $0.71. Ocean Power Technologies shares last traded at $0.68, with a volume of 3,858,890 shares trading hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Ocean Power Technologies to a “sell” rating in a research report on Friday, January 31st.

Ocean Power Technologies Stock Down 5.7 %

The business’s 50-day simple moving average is $0.77 and its 200 day simple moving average is $0.40. The firm has a market capitalization of $94.11 million, a P/E ratio of -2.01 and a beta of 2.58.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in shares of Ocean Power Technologies by 35.3% in 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 during the last quarter. Sargent Investment Group LLC grew its holdings in shares of Ocean Power Technologies by 164.0% in the fourth quarter. Sargent Investment Group LLC now owns 528,000 shares of the energy company’s stock worth $539,000 after purchasing an additional 328,000 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Ocean Power Technologies in the fourth quarter worth approximately $291,000. Virtu Financial LLC grew its holdings in shares of Ocean Power Technologies by 57.9% in the fourth quarter. Virtu Financial LLC now owns 111,182 shares of the energy company’s stock worth $113,000 after purchasing an additional 40,772 shares during the last quarter. Finally, Arkadios Wealth Advisors bought a new position in shares of Ocean Power Technologies in the fourth quarter worth approximately $102,000. 11.93% of the stock is currently owned by institutional investors.

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.