Ocean Power Technologies (NASDAQ:OPTT) Shares Down 5.4% – Should You Sell?

Ocean Power Technologies, Inc. (NASDAQ:OPTT) traded down 5.4% during mid-day trading on Tuesday . The stock traded as low as $2.16 and last traded at $2.1750. Approximately 52,344 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 286,298 shares. The stock had previously closed at $2.30.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a “buy” rating on shares of Ocean Power Technologies in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $45.00.

Ocean Power Technologies Stock Down 0.7%

The company has a market cap of $617.27 million, a P/E ratio of -7.08 and a beta of 2.60. The firm’s 50-day moving average price is $5.01 and its 200-day moving average price is $8.36.

Hedge Funds Weigh In On Ocean Power Technologies

An institutional investor recently raised its stake in Ocean Power Technologies stock. Royal Bank of Canada grew its position in shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT) by 1,383,331.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 705,550 shares of the energy company’s stock after purchasing an additional 705,499 shares during the period. Royal Bank of Canada owned approximately 0.31% of Ocean Power Technologies worth $247,000 at the end of the most recent quarter. 11.93% of the stock is currently owned by hedge funds and other institutional investors.

About Ocean Power Technologies

Ocean Power Technologies, Inc develops ocean-based renewable energy and autonomous maritime technology. The company’s systems are designed to provide persistent power and communications for offshore applications, including maritime security, ocean observation, defense, offshore energy and environmental monitoring.

Its primary product is the PB3 PowerBuoy, a wave-powered platform that generates electricity from ocean-wave motion and can support onboard sensors, communications equipment and other payloads.