Ocean Power Technologies (NASDAQ:OPTT) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Ocean Power Technologies, Inc. (NASDAQ:OPTT) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.31 and traded as high as $0.95. Ocean Power Technologies shares last traded at $0.86, with a volume of 25,859,598 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com began coverage on shares of Ocean Power Technologies in a report on Tuesday, December 31st. They issued a “sell” rating on the stock.

Ocean Power Technologies Price Performance

The firm’s fifty day moving average is $0.51 and its two-hundred day moving average is $0.32. The firm has a market cap of $133.90 million, a price-to-earnings ratio of -2.87 and a beta of 2.63.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Ocean Power Technologies stock. Arkadios Wealth Advisors bought a new position in Ocean Power Technologies, Inc. (NASDAQ:OPTT) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 100,000 shares of the energy company’s stock, valued at approximately $102,000. Arkadios Wealth Advisors owned 0.07% of Ocean Power Technologies at the end of the most recent reporting period. 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.