Ocean Power Technologies (NASDAQ:OPTT) Rating Increased to Strong-Buy at LADENBURG THALM/SH SH

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

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

Ocean Power Technologies Stock Performance

OPTT stock opened at $0.47 on Monday. The company has a market cap of $91.75 million, a price-to-earnings ratio of -1.47 and a beta of 2.39. The business’s 50-day moving average is $0.42 and its two-hundred day moving average is $0.49. Ocean Power Technologies has a fifty-two week low of $0.29 and a fifty-two week high of $0.98.

Ocean Power Technologies (NASDAQ:OPTT) last released its quarterly earnings results on Monday, December 15th. The energy company reported ($0.06) earnings per share (EPS) 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 period in the prior year, the company earned ($0.04) EPS.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. raised its position in shares of Ocean Power Technologies by 29.4% during the second quarter. SBI Securities Co. Ltd. now owns 374,187 shares of the energy company’s stock valued at $178,000 after buying an additional 84,920 shares during the last quarter. Geode Capital Management LLC lifted its stake in Ocean Power Technologies by 15.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,796,592 shares of the energy company’s stock worth $853,000 after purchasing an additional 236,542 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Ocean Power Technologies by 31,555.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 68,693 shares of the energy company’s stock valued at $33,000 after purchasing an additional 68,476 shares during the last quarter. Essex Investment Management Co. LLC purchased a new position in shares of Ocean Power Technologies during the third quarter valued at about $103,000. Finally, Abich Financial Wealth Management LLC bought a new stake in shares of Ocean Power Technologies in the third quarter worth about $25,000. 11.93% of the stock is currently owned by institutional investors.

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.