Ocean Power Technologies (NASDAQ:OPTT) Stock Price Crosses Above 200 Day Moving Average – What’s Next?

Ocean Power Technologies, Inc. (NASDAQ:OPTT) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $0.45 and traded as high as $0.54. Ocean Power Technologies shares last traded at $0.53, with a volume of 6,430,841 shares changing hands.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Ocean Power Technologies to a “sell” rating in a report on Tuesday, March 4th.

Ocean Power Technologies Stock Up 12.0 %

The company has a market capitalization of $90.20 million, a PE ratio of -1.66 and a beta of 2.57. The business’s 50 day simple moving average is $0.69 and its 200 day simple moving average is $0.45.

Institutional Trading of Ocean Power Technologies

Hedge funds have recently bought and sold shares of the company. LPL Financial LLC purchased a new stake in Ocean Power Technologies during the fourth quarter valued at about $26,000. Penbrook Management LLC purchased a new stake in shares of Ocean Power Technologies in the fourth quarter worth approximately $32,000. Arkadios Wealth Advisors purchased a new stake in shares of Ocean Power Technologies in the fourth quarter worth approximately $102,000. Virtu Financial LLC lifted its position 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 in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Ocean Power Technologies in the fourth quarter worth approximately $291,000. 11.93% of the stock is owned by hedge funds and other institutional investors.

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.