Ocean Power Technologies Inc (NASDAQ:OPTT) Director Purchases $45,900.00 in Stock

Ocean Power Technologies Inc (NASDAQ:OPTT) Director Kevin Stein acquired 30,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were acquired at an average cost of $1.53 per share, for a total transaction of $45,900.00. Following the transaction, the director now owns 74,278 shares of the company’s stock, valued at approximately $113,645.34. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

OPTT traded up $0.11 during midday trading on Monday, hitting $1.49. 94,700 shares of the company’s stock traded hands, compared to its average volume of 527,645. The stock’s fifty day simple moving average is $1.73 and its 200-day simple moving average is $2.08. Ocean Power Technologies Inc has a one year low of $1.36 and a one year high of $16.20.

Ocean Power Technologies (NASDAQ:OPTT) last issued its quarterly earnings data on Monday, July 22nd. The energy company reported ($1.05) earnings per share for the quarter. Ocean Power Technologies had a negative net margin of 1,940.89% and a negative return on equity of 175.62%. The business had revenue of $0.19 million for the quarter.

Separately, ValuEngine raised shares of Ocean Power Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st.

Large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD bought a new position in shares of Ocean Power Technologies in the second quarter valued at approximately $67,000. Vanguard Group Inc. bought a new position in shares of Ocean Power Technologies in the second quarter valued at approximately $35,000. Bank of New York Mellon Corp bought a new position in shares of Ocean Power Technologies in the second quarter valued at approximately $67,000. Finally, AWM Investment Company Inc. bought a new position in shares of Ocean Power Technologies in the second quarter valued at approximately $668,000. 8.85% of the stock is currently owned by institutional investors.

About Ocean Power Technologies

Ocean Power Technologies, Inc is a renewable wave-energy technology company, which engages in the development of commercialize proprietary systems that generate electricity through ocean waves. It offers the PB3 PowerBuoy which generates electricity by harnessing the renewable energy of ocean waves. It operates through the following geographical segments: North America; Europe; and Asia and Australia.

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