Ocean Power Technologies (NASDAQ:OPTT) Shares Pass Above 200 Day Moving Average – Should You Sell?

Ocean Power Technologies, Inc. (NASDAQ:OPTT) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $0.51 and traded as high as $0.58. Ocean Power Technologies shares last traded at $0.55, with a volume of 8,436,349 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. LADENBURG THALM/SH SH assumed coverage on Ocean Power Technologies in a research note on Wednesday, September 24th. They issued a “buy” rating and a $1.50 price target for the company. Zacks Research upgraded Ocean Power Technologies to a “hold” rating in a research note on Friday, September 26th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1.50.

Ocean Power Technologies Stock Performance

The stock has a market capitalization of $101.02 million, a price-to-earnings ratio of -1.73 and a beta of 2.44. The company has a fifty day simple moving average of $0.52 and a two-hundred day simple moving average of $0.51.

Ocean Power Technologies (NASDAQ:OPTT) last announced its quarterly earnings data on Monday, September 15th. The energy company reported ($0.04) earnings per share for the quarter. Ocean Power Technologies had a negative net margin of 304.91% and a negative return on equity of 97.03%. During the same period last year, the firm earned ($0.05) earnings per share.

Hedge Funds Weigh In On Ocean Power Technologies

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in shares of Ocean Power Technologies by 31,555.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company’s stock worth $33,000 after buying an additional 68,476 shares in the last quarter. Baader Bank Aktiengesellschaft raised its holdings in shares of Ocean Power Technologies by 349.2% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 100,000 shares of the energy company’s stock worth $47,000 after buying an additional 77,738 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Ocean Power Technologies by 29.4% during the 2nd quarter. SBI Securities Co. Ltd. now owns 374,187 shares of the energy company’s stock worth $178,000 after buying an additional 84,920 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Ocean Power Technologies by 15.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company’s stock worth $853,000 after buying an additional 236,542 shares in the last quarter. Institutional investors and hedge funds own 11.93% of the company’s stock.

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.