Ocean Power Technologies (NASDAQ:OPTT) Shares Down 5.4% – What’s Next?

Ocean Power Technologies, Inc. (NASDAQ:OPTT)’s share price fell 5.4% during trading on Tuesday . The company traded as low as $2.16 and last traded at $2.1750. Approximately 52,344 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 286,298 shares. The stock had previously closed at $2.30.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating on shares of Ocean Power Technologies in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $45.00.

Ocean Power Technologies Stock Performance

The firm has a market cap of $617.27 million, a price-to-earnings ratio of -7.08 and a beta of 2.60. The business has a 50 day simple moving average of $5.01 and a 200-day simple moving average of $8.36.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Ocean Power Technologies stock. Royal Bank of Canada boosted its stake in Ocean Power Technologies, Inc. (NASDAQ:OPTT) by 1,383,331.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 705,550 shares of the energy company’s stock after buying an additional 705,499 shares during the quarter. Royal Bank of Canada owned approximately 0.31% of Ocean Power Technologies worth $247,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 11.93% of the company’s stock.

About Ocean Power Technologies

Ocean Power Technologies, Inc develops ocean-based renewable energy and autonomous maritime technology. The company’s systems are designed to provide persistent power and communications for offshore applications, including maritime security, ocean observation, defense, offshore energy and environmental monitoring.

Its primary product is the PB3 PowerBuoy, a wave-powered platform that generates electricity from ocean-wave motion and can support onboard sensors, communications equipment and other payloads.