Ocean Power Technologies (NASDAQ:OPTT) Coverage Initiated by Analysts at StockNews.com

Equities research analysts at StockNews.com initiated coverage on shares of Ocean Power Technologies (NASDAQ:OPTT) in a note issued to investors on Tuesday. The firm set a “sell” rating on the energy company’s stock.

Ocean Power Technologies Stock Up 15.9 %

Shares of NASDAQ OPTT traded up $0.14 during trading on Tuesday, hitting $1.02. 171,270,281 shares of the company traded hands, compared to its average volume of 16,945,793. The firm has a market capitalization of $148.96 million, a P/E ratio of -2.55 and a beta of 2.85. The company has a 50-day moving average price of $0.27 and a 200-day moving average price of $0.24. Ocean Power Technologies has a 1 year low of $0.12 and a 1 year high of $1.37.

Institutional Investors Weigh In On Ocean Power Technologies

A hedge fund recently bought a new stake in Ocean Power Technologies stock. Sargent Investment Group LLC bought a new stake in shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 200,000 shares of the energy company’s stock, valued at approximately $31,000. Sargent Investment Group LLC owned approximately 0.20% of Ocean Power Technologies at the end of the most recent quarter. Institutional investors own 11.93% of the company’s stock.

Ocean Power Technologies Company Profile

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.