StockNews.com upgraded shares of Ocean Power Technologies (NASDAQ:OPTT - Free Report) to a sell rating in a research note issued to investors on Friday.
Ocean Power Technologies Stock Performance
OPTT traded up $0.07 during mid-day trading on Friday, reaching $0.74. 13,125,899 shares of the stock were exchanged, compared to its average volume of 25,548,041. The company has a 50 day moving average price of $0.66 and a two-hundred day moving average price of $0.35. Ocean Power Technologies has a 1 year low of $0.12 and a 1 year high of $1.75. The stock has a market capitalization of $108.41 million, a PE ratio of -2.32 and a beta of 2.59.
Institutional Investors Weigh In On Ocean Power Technologies
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sargent Investment Group LLC bought a new position in Ocean Power Technologies during the third quarter valued at approximately $31,000. Penbrook Management LLC bought a new position in Ocean Power Technologies in the fourth quarter worth $32,000. Finally, Arkadios Wealth Advisors purchased a new position in Ocean Power Technologies during the 4th quarter valued at about $102,000. 11.93% of the stock is currently owned by institutional investors.
About Ocean Power Technologies
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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.
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