Ocean Power Technologies Inc (NASDAQ:OPTT) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 113,700 shares, a decrease of 30.3% from the June 30th total of 163,200 shares. Approximately 12.1% of the shares of the company are sold short. Based on an average trading volume of 458,600 shares, the short-interest ratio is presently 0.2 days.
Separately, ValuEngine upgraded shares of Ocean Power Technologies from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.
Shares of NASDAQ OPTT traded up $0.06 during midday trading on Tuesday, hitting $1.54. 31,318 shares of the company’s stock traded hands, compared to its average volume of 539,663. Ocean Power Technologies has a 1 year low of $1.36 and a 1 year high of $16.20. The company has a fifty day moving average price of $1.79.
A hedge fund recently bought a new stake in Ocean Power Technologies stock. Bank of New York Mellon Corp purchased a new position in shares of Ocean Power Technologies Inc (NASDAQ:OPTT) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 35,113 shares of the energy company’s stock, valued at approximately $67,000. Bank of New York Mellon Corp owned 0.61% of Ocean Power Technologies at the end of the most recent quarter. Hedge funds and other institutional investors own 0.05% of the company’s stock.
About Ocean Power Technologies
Ocean Power Technologies, Inc is a renewable wave-energy technology company, which engages in the development of commercialize proprietary systems that generate electricity through ocean waves. It offers the PB3 PowerBuoy which generates electricity by harnessing the renewable energy of ocean waves. It operates through the following geographical segments: North America; Europe; and Asia and Australia.
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