Ocean Power Technologies (NASDAQ:OPTT) Releases Earnings Results

Ocean Power Technologies (NASDAQ:OPTT) posted its quarterly earnings results on Monday. The energy company reported ($0.06) earnings per share for the quarter, RTT News reports. Ocean Power Technologies had a negative return on equity of 97.03% and a negative net margin of 304.91%.

Ocean Power Technologies Price Performance

Shares of Ocean Power Technologies stock opened at $0.42 on Monday. The business has a fifty day simple moving average of $0.47 and a two-hundred day simple moving average of $0.52. Ocean Power Technologies has a 1 year low of $0.27 and a 1 year high of $1.75. The company has a market capitalization of $81.31 million, a price-to-earnings ratio of -1.32 and a beta of 2.33.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on OPTT shares. LADENBURG THALM/SH SH initiated coverage on shares of Ocean Power Technologies in a report on Wednesday, September 24th. They set a “buy” rating and a $1.50 target price on the stock. Zacks Research upgraded shares of Ocean Power Technologies to a “hold” rating in a research note on Friday, September 26th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1.50.

Institutional Trading of Ocean Power Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in 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 buying an additional 236,542 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Ocean Power Technologies by 31,555.8% during the second quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company’s stock worth $33,000 after acquiring an additional 68,476 shares during the period. Vanguard Group Inc. grew its position in shares of Ocean Power Technologies by 8.6% in the third quarter. Vanguard Group Inc. now owns 6,935,047 shares of the energy company’s stock valued at $3,495,000 after purchasing an additional 549,308 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Ocean Power Technologies during the third quarter worth approximately $129,000. Finally, Virtu Financial LLC acquired a new stake in Ocean Power Technologies during the 3rd quarter worth approximately $73,000. 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.