Ocean Power Technologies (NASDAQ:OPTT) Shares Down 8.8% – Should You Sell?

Ocean Power Technologies, Inc. (NASDAQ:OPTT)’s share price was down 8.8% on Wednesday . The stock traded as low as $1.96 and last traded at $1.87. Approximately 103,159 shares changed hands during trading, a decline of 63% from the average daily volume of 280,910 shares. The stock had previously closed at $2.05.

Analyst Ratings Changes

Separately, HC Wainwright restated a “buy” rating on shares of Ocean Power Technologies in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $1.50.

Ocean Power Technologies Price Performance

The stock has a market cap of $487.60 million, a PE ratio of -5.64 and a beta of 2.60. The company’s fifty day moving average is $0.27 and its 200-day moving average is $0.32.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Ocean Power Technologies stock. Royal Bank of Canada grew its stake in Ocean Power Technologies, Inc. (NASDAQ:OPTT) by 1,383,331.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 705,550 shares of the energy company’s stock after purchasing an additional 705,499 shares during the period. Royal Bank of Canada owned about 0.31% of Ocean Power Technologies worth $247,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 11.93% of the company’s stock.

Ocean Power Technologies Company Profile

Ocean Power Technologies, Inc develops ocean-based renewable energy and autonomous maritime technology. The company’s systems are designed to provide persistent power and communications for offshore applications, including maritime security, ocean observation, defense, offshore energy and environmental monitoring.

Its primary product is the PB3 PowerBuoy, a wave-powered platform that generates electricity from ocean-wave motion and can support onboard sensors, communications equipment and other payloads.