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

Ocean Power Technologies, Inc. (NASDAQ:OPTT)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $0.49 and traded as high as $0.5141. Ocean Power Technologies shares last traded at $0.4775, with a volume of 9,047,245 shares.

Analysts Set New Price Targets

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

Ocean Power Technologies Price Performance

The stock has a market cap of $93.09 million, a P/E ratio of -1.49 and a beta of 2.39. The stock has a 50-day simple moving average of $0.42 and a 200-day simple moving average of $0.49.

Ocean Power Technologies (NASDAQ:OPTT) last posted 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 company earned ($0.04) earnings per share.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Abich Financial Wealth Management LLC bought a new position in shares of Ocean Power Technologies in the 3rd quarter valued at $25,000. JPMorgan Chase & Co. increased its holdings in Ocean Power Technologies by 31,555.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company’s stock worth $33,000 after purchasing an additional 68,476 shares in the last quarter. Virtu Financial LLC bought a new position in Ocean Power Technologies in the third quarter valued at about $73,000. Essex Investment Management Co. LLC acquired a new stake in shares of Ocean Power Technologies during the third quarter valued at about $103,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Ocean Power Technologies during the third quarter worth about $129,000. 11.93% of the stock is currently owned by institutional investors and hedge funds.

About Ocean Power Technologies

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.