StockNews.com Initiates Coverage on Ocean Power Technologies (NASDAQ:OPTT)

Research analysts at StockNews.com began coverage on shares of Ocean Power Technologies (NASDAQ:OPTT) in a research report issued to clients and investors on Tuesday. The firm set a “sell” rating on the energy company’s stock.

Ocean Power Technologies Trading Up 15.9 %

Shares of OPTT stock opened at $1.02 on Tuesday. The stock has a market cap of $148.96 million, a P/E ratio of -2.55 and a beta of 2.85. Ocean Power Technologies has a twelve month low of $0.12 and a twelve month high of $1.37. The stock has a 50 day moving average of $0.30 and a 200 day moving average of $0.25.

Institutional Investors Weigh In On Ocean Power Technologies

A hedge fund recently bought a new stake in Ocean Power Technologies stock. Sargent Investment Group LLC acquired a new position in shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 200,000 shares of the energy company’s stock, valued at approximately $31,000. Sargent Investment Group LLC owned 0.20% of Ocean Power Technologies as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 11.93% of the company’s stock.

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.