Ocean Power Technologies (NASDAQ:OPTT) Hits New 1-Year Low – Here’s Why

Ocean Power Technologies, Inc. (NASDAQ:OPTT)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $2.4501 and last traded at $2.73, with a volume of 745647 shares traded. The stock had previously closed at $3.1950.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating on shares of Ocean Power Technologies in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Ocean Power Technologies presently has an average rating of “Buy” and an average target price of $45.00.

Ocean Power Technologies Trading Down 11.2%

The business’s 50 day moving average price is $5.30 and its 200-day moving average price is $8.58. The company has a market cap of $491.65 million, a price-to-earnings ratio of -5.69 and a beta of 2.60.

Institutional Investors Weigh In On Ocean Power Technologies

An institutional investor recently raised its stake in Ocean Power Technologies stock. Royal Bank of Canada increased its position in shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) by 1,383,331.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 approximately 0.31% of Ocean Power Technologies worth $247,000 as of its most recent filing with the Securities and Exchange Commission. 11.93% of the stock is currently owned by institutional investors and hedge funds.

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.