Ocean Power Technologies Inc (NASDAQ:OPTT) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 91,800 shares, a decrease of 19.3% from the July 31st total of 113,700 shares. Currently, 1.6% of the shares of the stock are sold short. Based on an average trading volume of 377,600 shares, the short-interest ratio is currently 0.2 days.
In other Ocean Power Technologies news, Director Kevin Stein acquired 30,000 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were purchased at an average cost of $1.53 per share, with a total value of $45,900.00. Following the purchase, the director now owns 74,278 shares in the company, valued at $113,645.34. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. purchased a new position in shares of Ocean Power Technologies during the 2nd quarter worth about $35,000. Bank of New York Mellon Corp acquired a new stake in Ocean Power Technologies during the 2nd quarter worth approximately $67,000. Price T Rowe Associates Inc. MD acquired a new stake in Ocean Power Technologies during the 2nd quarter worth approximately $67,000. Finally, AWM Investment Company Inc. acquired a new stake in Ocean Power Technologies during the 2nd quarter worth approximately $668,000. Institutional investors and hedge funds own 12.03% of the company’s stock.
Separately, ValuEngine upgraded shares of Ocean Power Technologies from a “hold” rating to a “buy” rating in a report on Thursday, August 1st.
NASDAQ:OPTT traded up $0.20 on Friday, reaching $1.93. The stock had a trading volume of 202,364 shares, compared to its average volume of 545,437. The firm’s fifty day moving average is $1.61 and its two-hundred day moving average is $2.24. Ocean Power Technologies has a 12-month low of $1.36 and a 12-month high of $16.20.
Ocean Power Technologies (NASDAQ:OPTT) last released its earnings results on Monday, July 22nd. The energy company reported ($1.05) earnings per share (EPS) for the quarter. The firm had revenue of $0.19 million during the quarter. Ocean Power Technologies had a negative net margin of 1,940.89% and a negative return on equity of 175.62%.
About Ocean Power Technologies
Ocean Power Technologies, Inc is a renewable wave-energy technology company, which engages in the development of commercialize proprietary systems that generate electricity through ocean waves. It offers the PB3 PowerBuoy which generates electricity by harnessing the renewable energy of ocean waves. It operates through the following geographical segments: North America; Europe; and Asia and Australia.
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