Short Interest in Ocean Power Technologies Inc (NASDAQ:OPTT) Decreases By 19.3%

Ocean Power Technologies Inc (NASDAQ:OPTT) was the recipient of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 91,800 shares, a decrease of 19.3% from the July 31st total of 113,700 shares. Based on an average daily volume of 377,600 shares, the days-to-cover ratio is presently 0.2 days. Currently, 1.6% of the shares of the company are sold short.

NASDAQ:OPTT traded up $0.20 during mid-day trading on Friday, hitting $1.93. 202,364 shares of the company’s stock traded hands, compared to its average volume of 545,437. The firm has a 50 day moving average of $1.61 and a two-hundred day moving average of $2.24. Ocean Power Technologies has a 12 month low of $1.36 and a 12 month high of $16.20.

Ocean Power Technologies (NASDAQ:OPTT) last announced its earnings results on Monday, July 22nd. The energy company reported ($1.05) earnings per share for the quarter. Ocean Power Technologies had a negative net margin of 1,940.89% and a negative return on equity of 175.62%. The business had revenue of $0.19 million for the quarter.

Separately, ValuEngine upgraded Ocean Power Technologies from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st.

In other Ocean Power Technologies news, Director Kevin Stein bought 30,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was purchased at an average price of $1.53 per share, for a total transaction of $45,900.00. Following the purchase, the director now directly owns 74,278 shares in the company, valued at $113,645.34. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. bought a new stake in Ocean Power Technologies during the 2nd quarter valued at approximately $35,000. Bank of New York Mellon Corp bought a new stake in shares of Ocean Power Technologies in the 2nd quarter worth approximately $67,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Ocean Power Technologies in the 2nd quarter worth approximately $67,000. Finally, AWM Investment Company Inc. bought a new stake in shares of Ocean Power Technologies in the 2nd quarter worth approximately $668,000. Hedge funds and other institutional investors own 12.03% of the company’s stock.

Ocean Power Technologies Company Profile

Ocean Power Technologies, Inc is a renewable wave-energy technology company, which engages in the development of commercialize proprietary systems that generate electricity through ocean waves. It offers the PB3 PowerBuoy which generates electricity by harnessing the renewable energy of ocean waves. It operates through the following geographical segments: North America; Europe; and Asia and Australia.

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