Ocean Power Technologies, Inc. (OPTT) Issues Quarterly Earnings Results
Ocean Power Technologies, Inc. (NASDAQ:OPTT) released its earnings results on Thursday. The energy company reported ($0.22) earnings per share for the quarter, Bloomberg Earnings reports. Ocean Power Technologies had a negative return on equity of 164.25% and a negative net margin of 1,125.03%. The business had revenue of $0.20 million for the quarter.
Ocean Power Technologies (OPTT) traded up 0.83% during midday trading on Friday, reaching $1.21. The company’s stock had a trading volume of 351,463 shares. The company’s market cap is $7.46 million. Ocean Power Technologies has a 12 month low of $1.16 and a 12 month high of $8.75. The stock has a 50-day moving average price of $1.24 and a 200 day moving average price of $1.63.
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An institutional investor recently raised its position in Ocean Power Technologies stock. Vanguard Group Inc. boosted its holdings in Ocean Power Technologies, Inc. (NASDAQ:OPTT) by 24.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 99,573 shares of the energy company’s stock after purchasing an additional 19,529 shares during the period. Vanguard Group Inc. owned approximately 1.62% of Ocean Power Technologies worth $138,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 3.35% of the company’s stock.
About Ocean Power Technologies
Ocean Power Technologies, Inc is developing and seeking to commercialize its systems that generate electricity by connecting the renewable energy of ocean waves. The Company’s PowerBuoy systems use technologies that convert the mechanical energy created by the rising and falling of ocean waves into electricity.
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