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

Shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $0.43 and traded as high as $0.56. Ocean Power Technologies shares last traded at $0.50, with a volume of 6,075,066 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Ocean Power Technologies to a “sell” rating in a research note on Tuesday, March 4th.

Ocean Power Technologies Trading Up 2.0 %

The firm has a market capitalization of $74.48 million, a price-to-earnings ratio of -1.59 and a beta of 2.57. The firm has a fifty day moving average price of $0.76 and a 200 day moving average price of $0.43.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Arkadios Wealth Advisors acquired a new position in shares of Ocean Power Technologies in the 4th quarter worth approximately $102,000. SBI Securities Co. Ltd. acquired a new position in Ocean Power Technologies during the 4th quarter worth $291,000. Penbrook Management LLC acquired a new position in Ocean Power Technologies during the 4th quarter worth $32,000. Sargent Investment Group LLC lifted its holdings in Ocean Power Technologies by 164.0% during the 4th quarter. Sargent Investment Group LLC now owns 528,000 shares of the energy company’s stock worth $539,000 after buying an additional 328,000 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Ocean Power Technologies by 35.3% during the 4th quarter. Geode Capital Management LLC now owns 1,012,955 shares of the energy company’s stock worth $1,033,000 after buying an additional 264,382 shares in the last quarter. 11.93% of the stock is 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.