Ocean Power Technologies (NASDAQ:OPTT) Share Price Crosses Above 200 Day Moving Average – Time to Sell?

Ocean Power Technologies, Inc. (NASDAQ:OPTT)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.52 and traded as high as $0.5539. Ocean Power Technologies shares last traded at $0.5330, with a volume of 9,109,504 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Zacks Research upgraded Ocean Power Technologies to a “hold” rating in a report on Friday, September 26th. LADENBURG THALM/SH SH assumed coverage on Ocean Power Technologies in a research report on Wednesday, September 24th. They set a “buy” rating and a $1.50 price target for the company. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1.50.

Ocean Power Technologies Price Performance

The firm has a 50-day moving average of $0.53 and a 200 day moving average of $0.52. The stock has a market capitalization of $97.55 million, a price-to-earnings ratio of -1.67 and a beta of 2.44.

Ocean Power Technologies (NASDAQ:OPTT) last announced its quarterly earnings data on Monday, September 15th. The energy company reported ($0.04) earnings per share (EPS) for the quarter. Ocean Power Technologies had a negative return on equity of 97.03% and a negative net margin of 304.91%.During the same period in the prior year, the firm posted ($0.05) EPS.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of OPTT. Geode Capital Management LLC raised its holdings in shares of Ocean Power Technologies by 15.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company’s stock valued at $853,000 after purchasing an additional 236,542 shares during the period. SBI Securities Co. Ltd. grew its holdings in Ocean Power Technologies by 29.4% during the second quarter. SBI Securities Co. Ltd. now owns 374,187 shares of the energy company’s stock worth $178,000 after purchasing an additional 84,920 shares during the period. Baader Bank Aktiengesellschaft increased its position in Ocean Power Technologies by 349.2% during the second quarter. Baader Bank Aktiengesellschaft now owns 100,000 shares of the energy company’s stock worth $47,000 after buying an additional 77,738 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Ocean Power Technologies by 31,555.8% in the second quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company’s stock valued at $33,000 after buying an additional 68,476 shares during the period. Institutional investors 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.