Ocean Power Technologies (NASDAQ:OPTT) Releases Earnings Results

Ocean Power Technologies (NASDAQ:OPTT) announced its quarterly earnings data on Monday. The energy company reported ($0.06) earnings per share for the quarter, RTT News reports. Ocean Power Technologies had a negative net margin of 304.91% and a negative return on equity of 97.03%. During the same quarter last year, the business earned ($0.04) earnings per share.

Ocean Power Technologies Trading Down 29.0%

Shares of Ocean Power Technologies stock opened at $0.30 on Tuesday. The stock’s fifty day simple moving average is $0.47 and its 200 day simple moving average is $0.51. The company has a market capitalization of $57.74 million, a PE ratio of -0.94 and a beta of 2.33. Ocean Power Technologies has a 12 month low of $0.27 and a 12 month high of $1.75.

Hedge Funds Weigh In On Ocean Power Technologies

Institutional investors have recently modified their holdings of the business. 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 worth $33,000 after buying an additional 68,476 shares during the period. Virtu Financial LLC bought a new stake in shares of Ocean Power Technologies during the third quarter worth $73,000. Squarepoint Ops LLC acquired a new stake in shares of Ocean Power Technologies during the third quarter worth $129,000. Connective Capital Management LLC bought a new stake in Ocean Power Technologies in the 3rd quarter valued at $593,000. Finally, Geode Capital Management LLC boosted 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 during the period. Institutional investors own 11.93% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Zacks Research raised Ocean Power Technologies to a “hold” rating in a research note on Friday, September 26th. LADENBURG THALM/SH SH started coverage on Ocean Power Technologies in a research note on Wednesday, September 24th. They issued a “buy” rating and a $1.50 target price on the stock. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Ocean Power Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $1.50.

About Ocean Power Technologies

Ocean Power Technologies, Inc develops and commercializes proprietary power platforms that generate electricity by harnessing the renewable energy of ocean waves in North America, South America, Australia, and Asia. It offers PB3 PowerBuoy that generates power for use independent of the power grid in offshore locations.