Ocean Power Technologies (NASDAQ:OPTT) Raised to Sell at StockNews.com

StockNews.com upgraded shares of Ocean Power Technologies (NASDAQ:OPTT) to a sell rating in a report issued on Tuesday.

Ocean Power Technologies Stock Down 8.6 %

NASDAQ OPTT opened at $0.51 on Tuesday. The stock has a market capitalization of $73.78 million, a PE ratio of -1.58 and a beta of 2.57. The company has a 50 day moving average price of $0.81 and a two-hundred day moving average price of $0.42. Ocean Power Technologies has a 12-month low of $0.12 and a 12-month high of $1.75.

Institutional Trading of Ocean Power Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. LPL Financial LLC acquired a new stake in shares of Ocean Power Technologies in the fourth quarter worth $26,000. Sargent Investment Group LLC bought a new position in Ocean Power Technologies during the third quarter worth $31,000. Penbrook Management LLC bought a new position in Ocean Power Technologies during the fourth quarter worth $32,000. Arkadios Wealth Advisors bought a new position in Ocean Power Technologies during the fourth quarter worth $102,000. Finally, Virtu Financial LLC increased its holdings in Ocean Power Technologies by 57.9% in the 4th quarter. Virtu Financial LLC now owns 111,182 shares of the energy company’s stock valued at $113,000 after buying an additional 40,772 shares during the period. 11.93% of the stock is currently owned by institutional investors and hedge funds.

Ocean Power Technologies Company Profile

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.