StockNews.com Upgrades Ocean Power Technologies (NASDAQ:OPTT) to “Sell”

Ocean Power Technologies (NASDAQ:OPTT) was upgraded by equities research analysts at StockNews.com to a “sell” rating in a research note issued to investors on Tuesday.

Ocean Power Technologies Stock Down 4.6 %

OPTT traded down $0.02 during trading hours on Tuesday, hitting $0.51. The stock had a trading volume of 7,103,938 shares, compared to its average volume of 19,900,847. Ocean Power Technologies has a 1 year low of $0.12 and a 1 year high of $1.75. The company’s fifty day simple moving average is $0.81 and its 200 day simple moving average is $0.42. The stock has a market cap of $74.73 million, a PE ratio of -1.60 and a beta of 2.58.

Institutional Trading of Ocean Power Technologies

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

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.