Traders Buy Large Volume of Call Options on Ocean Power Technologies (NASDAQ:OPTT)

Ocean Power Technologies, Inc. (NASDAQ:OPTT) was the target of unusually large options trading activity on Monday. Stock traders acquired 31,399 call options on the stock. This is an increase of approximately 922% compared to the typical daily volume of 3,073 call options.

Institutional Trading of Ocean Power Technologies

Several hedge funds and other institutional investors have recently modified their holdings of OPTT. Connective Capital Management LLC acquired a new position in shares of Ocean Power Technologies during the third quarter worth about $593,000. Vanguard Group Inc. lifted its stake in Ocean Power Technologies by 8.6% in the 3rd quarter. Vanguard Group Inc. now owns 6,935,047 shares of the energy company’s stock valued at $3,495,000 after acquiring an additional 549,308 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Ocean Power Technologies in the 3rd quarter valued at approximately $129,000. Geode Capital Management LLC boosted its position in Ocean Power Technologies by 15.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company’s stock worth $853,000 after acquiring an additional 236,542 shares during the last quarter. Finally, Essex Investment Management Co. LLC bought a new position in shares of Ocean Power Technologies during the 3rd quarter worth approximately $103,000. Institutional investors and hedge funds own 11.93% of the company’s stock.

Analyst Ratings Changes

Separately, HC Wainwright started coverage on shares of Ocean Power Technologies in a report on Thursday, December 18th. They issued a “buy” rating and a $1.50 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Ocean Power Technologies has an average rating of “Moderate Buy” and a consensus target price of $1.50.

Ocean Power Technologies Stock Performance

Shares of OPTT stock opened at $0.57 on Tuesday. Ocean Power Technologies has a 52 week low of $0.29 and a 52 week high of $0.98. The company’s 50 day moving average price is $0.40 and its two-hundred day moving average price is $0.49. The company has a market capitalization of $110.62 million, a P/E ratio of -1.77 and a beta of 2.39.

Ocean Power Technologies (NASDAQ:OPTT) last released its quarterly earnings results on Monday, December 15th. The energy company reported ($0.06) earnings per share for the quarter. Ocean Power Technologies had a negative net margin of 304.91% and a negative return on equity of 97.03%. During the same quarter last year, the firm posted ($0.04) earnings per share.

Ocean Power Technologies Company Profile

Ocean Power Technologies, Inc (NASDAQ: OPTT) is a renewable energy company that develops and commercializes systems to harness clean, reliable power from ocean waves. Headquartered in Pennington, New Jersey, the company’s core focus is on the design, engineering and deployment of its proprietary PowerBuoy® wave energy converter. By capturing the mechanical motion of surface waves and converting it into electrical energy, Ocean Power Technologies aims to deliver environmentally sustainable power solutions for offshore and remote operations.

The company’s primary product line, the PowerBuoy®, employs a point‐absorber design in which a floating buoy moves relative to a seabed‐anchored spar.