Stock Traders Buy High Volume of Call Options on Ocean Power Technologies (NASDAQ:OPTT)

Ocean Power Technologies, Inc. (NASDAQ:OPTT) was the recipient of unusually large options trading activity on Monday. Stock traders acquired 31,399 call options on the stock. This represents an increase of approximately 922% compared to the typical daily volume of 3,073 call options.

Analyst Upgrades and Downgrades

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

Ocean Power Technologies Stock Up 23.1%

Shares of NASDAQ OPTT opened at $0.70 on Wednesday. Ocean Power Technologies has a twelve month low of $0.29 and a twelve month high of $0.98. The stock’s 50 day moving average price is $0.41 and its 200-day moving average price is $0.49. The company has a market capitalization of $136.12 million, a PE ratio of -2.18 and a beta of 2.39.

Ocean Power Technologies (NASDAQ:OPTT) last issued 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 period in the prior year, the business earned ($0.04) EPS.

Institutional Trading of Ocean Power Technologies

Several hedge funds and other institutional investors have recently modified their holdings of OPTT. Abich Financial Wealth Management LLC purchased a new position in Ocean Power Technologies in the third quarter worth $25,000. JPMorgan Chase & Co. raised its holdings in 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 buying an additional 68,476 shares during the last quarter. Virtu Financial LLC purchased a new stake in Ocean Power Technologies during the 3rd quarter valued at $73,000. Essex Investment Management Co. LLC purchased a new stake in shares of Ocean Power Technologies during the third quarter worth about $103,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Ocean Power Technologies in the third quarter worth about $129,000. Institutional investors 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.