Ocean Power Technologies (NASDAQ:OPTT) Earns Sell Rating from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Ocean Power Technologies (NASDAQ:OPTT) in a research note issued to investors on Tuesday morning. The brokerage issued a sell rating on the energy company’s stock.

Ocean Power Technologies Stock Performance

Shares of NASDAQ:OPTT opened at $1.01 on Tuesday. Ocean Power Technologies has a 52-week low of $0.12 and a 52-week high of $1.37. The company has a fifty day moving average of $0.32 and a 200-day moving average of $0.25. The company has a market capitalization of $147.50 million, a PE ratio of -2.52 and a beta of 2.85.

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

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.