Ocean Power Technologies, Inc. (NASDAQ:OPTT – Get Free Report) dropped 8.8% during mid-day trading on Wednesday . The stock traded as low as $1.96 and last traded at $1.87. 103,159 shares traded hands during trading, a decline of 63% from the average daily volume of 280,910 shares. The stock had previously closed at $2.05.
Analyst Upgrades and Downgrades
Separately, HC Wainwright reiterated a “buy” rating on shares of Ocean Power Technologies in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $1.50.
Read Our Latest Stock Report on OPTT
Ocean Power Technologies Stock Performance
Institutional Trading of Ocean Power Technologies
An institutional investor recently raised its stake in Ocean Power Technologies stock. Royal Bank of Canada lifted its stake in shares of Ocean Power Technologies, Inc. (NASDAQ:OPTT – Free Report) by 1,383,331.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 705,550 shares of the energy company’s stock after buying 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. Hedge funds and other institutional investors own 11.93% of the company’s stock.
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.
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