LADENBURG THALM/SH SH Upgrades Ocean Power Technologies (NASDAQ:OPTT) to Strong-Buy

Ocean Power Technologies (NASDAQ:OPTT) was upgraded by investment analysts at LADENBURG THALM/SH SH to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Ocean Power Technologies Price Performance

Ocean Power Technologies stock opened at $0.36 on Wednesday. Ocean Power Technologies has a 1-year low of $0.29 and a 1-year high of $0.90. The stock’s fifty day moving average is $0.38 and its two-hundred day moving average is $0.42. The stock has a market cap of $81.75 million, a PE ratio of -1.12 and a beta of 2.55.

Institutional Trading of Ocean Power Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC increased its position in shares of Ocean Power Technologies by 68.3% during the fourth quarter. Virtu Financial LLC now owns 245,368 shares of the energy company’s stock worth $74,000 after purchasing an additional 99,544 shares in the last quarter. Connective Capital Management LLC acquired a new position in shares of Ocean Power Technologies in the 3rd quarter valued at $593,000. Squarepoint Ops LLC acquired a new position in shares of Ocean Power Technologies in the 3rd quarter valued at $129,000. Vanguard Group Inc. increased its holdings in shares of Ocean Power Technologies by 8.6% in the 3rd quarter. Vanguard Group Inc. now owns 6,935,047 shares of the energy company’s stock valued at $3,495,000 after acquiring an additional 549,308 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Ocean Power Technologies by 15.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company’s stock valued at $853,000 after acquiring an additional 236,542 shares during the period. Institutional investors and hedge funds own 11.93% of the company’s stock.

Ocean Power Technologies Company Profile

Ocean Power Technologies, Inc (NASDAQ: OPTT) is a renewable energy company that develops and commercializes systems to harness clean, reliable power from ocean waves. Headquartered in Pennington, New Jersey, the company’s core focus is on the design, engineering and deployment of its proprietary PowerBuoy® wave energy converter. By capturing the mechanical motion of surface waves and converting it into electrical energy, Ocean Power Technologies aims to deliver environmentally sustainable power solutions for offshore and remote operations.

The company’s primary product line, the PowerBuoy®, employs a point‐absorber design in which a floating buoy moves relative to a seabed‐anchored spar.