Ocean Power Technologies (NASDAQ:OPTT) Earns Sell Rating from Analysts at StockNews.com

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

Ocean Power Technologies Price Performance

Shares of OPTT stock opened at $1.01 on Tuesday. The company has a fifty day moving average price of $0.32 and a two-hundred day moving average price of $0.25. Ocean Power Technologies has a one year low of $0.12 and a one year high of $1.37. The stock has a market cap of $147.50 million, a P/E ratio of -2.52 and a beta of 2.85.

Hedge Funds Weigh In On Ocean Power Technologies

An institutional investor recently bought a new position in Ocean Power Technologies stock. Sargent Investment Group LLC bought a new position in shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC. 11.93% of the stock is owned by hedge funds and other institutional investors.

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.