Ocean Power Technologies (NASDAQ:OPTT) Upgraded at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH upgraded shares of Ocean Power Technologies (NASDAQ:OPTT) to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

Separately, HC Wainwright began coverage on shares of Ocean Power Technologies in a research note on Thursday, December 18th. They issued a “buy” rating and a $1.50 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Ocean Power Technologies currently has a consensus rating of “Buy” and an average price target of $1.50.

Ocean Power Technologies Price Performance

NASDAQ:OPTT opened at $0.45 on Monday. The stock has a market cap of $86.85 million, a PE ratio of -1.39 and a beta of 2.39. Ocean Power Technologies has a fifty-two week low of $0.29 and a fifty-two week high of $0.98. The stock’s 50-day moving average is $0.42 and its two-hundred day moving average is $0.48.

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

Institutional Investors Weigh In On Ocean Power Technologies

Several institutional investors and hedge funds have recently modified their holdings of OPTT. Connective Capital Management LLC acquired a new position in Ocean Power Technologies during the third quarter worth $593,000. Vanguard Group Inc. lifted its position in shares of Ocean Power Technologies by 8.6% in the third quarter. Vanguard Group Inc. now owns 6,935,047 shares of the energy company’s stock worth $3,495,000 after buying an additional 549,308 shares during the last quarter. Hamilton Capital Partners LLC bought a new stake in shares of Ocean Power Technologies during the 4th quarter worth about $91,000. Squarepoint Ops LLC acquired a new position in shares of Ocean Power Technologies during the 3rd quarter valued at about $129,000. Finally, Geode Capital Management LLC increased its holdings in shares of 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 valued at $853,000 after acquiring an additional 236,542 shares during the last quarter. Institutional investors and hedge funds own 11.93% of the company’s stock.

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.