Ocean Power Technologies (NASDAQ:OPTT) Upgraded at StockNews.com

StockNews.com upgraded shares of Ocean Power Technologies (NASDAQ:OPTT) to a sell rating in a research report released on Tuesday morning.

Ocean Power Technologies Trading Down 8.6 %

OPTT opened at $0.51 on Tuesday. The company has a fifty day simple moving average of $0.81 and a 200 day simple moving average of $0.42. The firm has a market cap of $73.78 million, a price-to-earnings ratio of -1.58 and a beta of 2.57. Ocean Power Technologies has a twelve month low of $0.12 and a twelve month high of $1.75.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in shares of Ocean Power Technologies by 35.3% in the 4th quarter. Geode Capital Management LLC now owns 1,012,955 shares of the energy company’s stock worth $1,033,000 after buying an additional 264,382 shares during the last quarter. LPL Financial LLC acquired a new position in Ocean Power Technologies during the 4th quarter valued at about $26,000. Virtu Financial LLC grew its stake in shares of Ocean Power Technologies by 57.9% in the 4th quarter. Virtu Financial LLC now owns 111,182 shares of the energy company’s stock worth $113,000 after purchasing an additional 40,772 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Ocean Power Technologies in the 4th quarter worth approximately $291,000. Finally, Sargent Investment Group LLC grew its stake in shares of Ocean Power Technologies by 164.0% in the 4th quarter. Sargent Investment Group LLC now owns 528,000 shares of the energy company’s stock worth $539,000 after purchasing an additional 328,000 shares during the last quarter. 11.93% of the stock is owned by institutional investors and hedge funds.

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.