Stick With Ocean Power Technologies Inc. (NASDAQ: OPTT). The Bull Are Alive And Well

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Renaissance Technologies LLC recently announced the acquisition of new stake in Ocean Power Technologies Inc. (NASDAQ:OPTT). This fresh investment now brings its stake to 1.07% valued currently at $0.13 million. In addition, Victory Capital Management, Inc. raised its holdings by 1599.0 to 1599.0 shares. And Morgan Stanley Smith Barney LLC (. has lifted its position by 163.93% or 100.0 shares – to 161.0 shares.

With over 0.41 million Ocean Power Technologies Inc. (OPTT) shares trading Monday and a closing price of $0.68 on the day, the dollar volume was approximately $0.28 million. The shares have shown a negative weekly performance of -1.65% and its price on 07/20/20 lost nearly -0.80%. Currently, there are 17.12M common shares owned by the public and among those 16.98M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for OPTT have a consensus price objective of $1200.00. The analysts have set the share’s price value over the next 12 months at a high of $1200.00 and a low of $1200.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Ocean Power Technologies Inc. stock is 3.00 for the next 12 months. But an upside of 99.94% will see the stock hit the forecast high price target while mean target price for the stock is $1200.00.

Insiders at the company have transacted a total of 0 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.

The top 3 mutual fund holders in Ocean Power Technologies Inc. are Vanguard Extended Market Index Fu, Fidelity Extended Market Index Fu, and USAA Extended Market Index Fund. Vanguard Extended Market Index Fu owns 18163.0 shares of the company’s stock, all valued at over $12805.0. USAA Extended Market Index Fund bought 1599.0 shares to bring its total holdings to over 1599.0 shares at a value of $1127.0. USAA Extended Market Index Fund now owns shares totaling to 0.01% of the shares outstanding.

Shares of Ocean Power Technologies Inc. (NASDAQ: OPTT) opened at $0.6841, unchanged from a prior closing price of $0.68. However, the script later closed the day at $0.68, down -0.80%. The company’s stock has a 5-day price change of -1.65% and 70.08% over the past three months. OPTT shares are trading -22.00% year to date (YTD), with the 12-month market performance down to -65.55% lower. It has a 12-month low price of $0.33 and touched a high of $2.34 over the same period. Currently, 0.41 million shares have been traded, compared to an average intraday trading volume of 2.03 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.47%, 17.41%, and -15.23% respectively.

Institutional ownership of Ocean Power Technologies Inc. (NASDAQ: OPTT) shares accounts for 1.20% of the company’s 17.12M shares outstanding. Mutual fund holders own 0.69%, while other institutional holders and individual stakeholders account for 1.06% and 0.14% respectively.

It has a market capitalization of $11.71M and a beta (3y monthly) value of 2.52. The earnings-per-share (ttm) stands at -$1.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.42% over the week and 10.39% over the month.

Analysts forecast that Ocean Power Technologies Inc. (OPTT) will achieve an EPS of $0 for the current quarter, $0 for the next quarter and $0 for Next Year. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate Ocean Power Technologies Inc. (OPTT) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 1 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the OPTT, a number of firms have released research notes about the stock. H.C. Wainwright stated their Neutral rating for the stock in a research note on February 25, 2015, with the firm’s price target at. Ascendiant Capital Markets coverage for the Ocean Power Technologies Inc. (OPTT) stock in a research note released on May 09, 2013 offered a Strong Buy rating with a price target of $5. UBS was of a view on July 17, 2008 that the stock is Buy, while Bear Stearns gave the stock Underperform rating on April 07, 2008, issuing a price target of. UBS on their part issued Buy rating on March 20, 2008.

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