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Ocean Power Technologies (NASDAQ:OPTT) Shares Pass Above Two Hundred Day Moving Average of $1.03

Defense World ·  {{timeTz}}

Ocean Power Technologies, Inc. (NASDAQ:OPTT – Get Rating) shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $1.03 and traded as high as $1.05. Ocean Power Technologies shares last traded at $1.05, with a volume of 691,749 shares traded.

Ocean Power Technologies Price Performance

The stock's 50-day moving average is $0.98 and its two-hundred day moving average is $1.03. The stock has a market cap of $58.72 million, a P/E ratio of -2.69 and a beta of 1.82.

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Ocean Power Technologies (NASDAQ:OPTT – Get Rating) last issued its earnings results on Wednesday, July 13th. The energy company reported ($0.09) earnings per share for the quarter. Ocean Power Technologies had a negative return on equity of 31.10% and a negative net margin of 983.51%. The company had revenue of $0.76 million for the quarter.

Hedge Funds Weigh In On Ocean Power Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC purchased a new stake in Ocean Power Technologies during the first quarter valued at $55,000. UBS Group AG raised its stake in Ocean Power Technologies by 78.9% during the second quarter. UBS Group AG now owns 121,915 shares of the energy company's stock valued at $69,000 after purchasing an additional 53,761 shares in the last quarter. Virtu Financial LLC purchased a new stake in Ocean Power Technologies during the second quarter valued at $116,000. Millennium Management LLC purchased a new stake in Ocean Power Technologies during the second quarter valued at $251,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Ocean Power Technologies by 11.7% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 626,625 shares of the energy company's stock valued at $884,000 after purchasing an additional 65,848 shares in the last quarter. Institutional investors own 9.18% of the company's stock.

Ocean Power Technologies Company Profile

(Get Rating)

Ocean Power Technologies, Inc develops and commercializes proprietary systems that generate electricity by harnessing the renewable energy of ocean waves in North America, South America, Europe, and Asia. It offers PB3 PowerBuoy system that generates power for use independent of the power grid in offshore locations.

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