Ocean Power Technologies (NASDAQ:OPTT) Shares Pass Above 200 Day Moving Average – Should You Sell?

Ocean Power Technologies, Inc. (NASDAQ:OPTT)’s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $0.40 and traded as high as $0.71. Ocean Power Technologies shares last traded at $0.68, with a volume of 3,858,890 shares.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Ocean Power Technologies to a “sell” rating in a research note on Friday, January 31st.

Ocean Power Technologies Stock Performance

The firm has a market cap of $99.79 million, a P/E ratio of -2.14 and a beta of 2.58. The stock’s 50-day moving average is $0.77 and its 200 day moving average is $0.40.

Institutional Investors Weigh In On Ocean Power Technologies

A number of hedge funds have recently modified their holdings of the business. LPL Financial LLC bought a new stake in Ocean Power Technologies during the 4th quarter worth approximately $26,000. Sargent Investment Group LLC bought a new position in Ocean Power Technologies in the third quarter valued at approximately $31,000. Penbrook Management LLC acquired a new position in shares of Ocean Power Technologies in the fourth quarter valued at approximately $32,000. Arkadios Wealth Advisors bought a new stake in shares of Ocean Power Technologies during the fourth quarter worth $102,000. Finally, Virtu Financial LLC raised its holdings in shares of Ocean Power Technologies by 57.9% during the fourth quarter. Virtu Financial LLC now owns 111,182 shares of the energy company’s stock worth $113,000 after acquiring an additional 40,772 shares during the period. Institutional investors and hedge funds 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.