Ocean Power Technologies Inc. [OPTT] Stock trading around $2.53 per share: What’s Next?

Ocean Power Technologies Inc. [NASDAQ: OPTT] stock went on an upward path that rose over 6.75% on Wednesday, amounting to a one-week price decrease of less than -0.78%. The company report on June 8, 2021 that Ocean Power Technologies Announces Planned Transfer of Nasdaq Listing to NYSE American Stock Exchange.

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Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NASDAQ: OPTT), a leader in innovative and cost-effective ocean energy solutions, announced that it will change its listing from the Nasdaq Capital Market to the NYSE American stock exchange.

“We are pleased to announce our transfer to the NYSE American, where we’ll be listed alongside what we consider to be many of the world’s most forward-thinking companies,” said George H. Kirby, President and Chief Executive Officer of OPT. “As OPT’s portfolio of innovative solutions continues to grow, we want to enhance the visibility of the Company and continue to expand our investor base moving forward in 2021 and beyond. We believe that operating as an NYSE American-listed company will help us achieve these goals.”.

Over the last 12 months, OPTT stock rose by 224.36%. The average equity rating for OPTT stock is currently 3.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $122.50 million, with 50.99 million shares outstanding and 50.84 million shares in the current float. Compared to the average trading volume of 2.03M shares, OPTT stock reached a trading volume of 1528226 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Ocean Power Technologies Inc. [OPTT]:

H.C. Wainwright have made an estimate for Ocean Power Technologies Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on February 25, 2015. While these analysts kept the previous recommendation, Ascendiant Capital Markets raised their target price to Strong Buy. The new note on the price target was released on May 09, 2013, representing the official price target for Ocean Power Technologies Inc. stock. Previously, the target price had yet another drop from $19 to $14, while UBS kept a Buy rating on OPTT stock.

The Average True Range (ATR) for Ocean Power Technologies Inc. is set at 0.18, with the Price to Sales ratio for OPTT stock in the period of the last 12 months amounting to 102.09. The Price to Book ratio for the last quarter was 1.09, with the Price to Cash per share for the same quarter was set at 1.65.

OPTT Stock Performance Analysis:

Ocean Power Technologies Inc. [OPTT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.78. With this latest performance, OPTT shares gained by 18.22% in over the last four-week period, additionally plugging by 8.12% over the last 6 months – not to mention a rise of 224.36% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OPTT stock in for the last two-week period is set at 53.99, with the RSI for the last a single of trading hit 56.14, and the three-weeks RSI is set at 51.19 for Ocean Power Technologies Inc. [OPTT]. The present Moving Average for the last 50 days of trading for this stock 2.43, while it was recorded at 2.49 for the last single week of trading, and 2.66 for the last 200 days.

Insight into Ocean Power Technologies Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Ocean Power Technologies Inc. [OPTT] shares currently have an operating margin of -675.68 and a Gross Margin at -6.24. Ocean Power Technologies Inc.’s Net Margin is presently recorded at -615.46.

Return on Total Capital for OPTT is now -82.43, given the latest momentum, and Return on Invested Capital for the company is -75.71. Return on Equity for this stock declined to -78.82, with Return on Assets sitting at -64.89. When it comes to the capital structure of this company, Ocean Power Technologies Inc. [OPTT] has a Total Debt to Total Equity ratio set at 12.46. Additionally, OPTT Total Debt to Total Capital is recorded at 11.08, with Total Debt to Total Assets ending up at 9.65. Long-Term Debt to Equity for the company is recorded at 10.27, with the Long-Term Debt to Total Capital now at 9.14.

Reflecting on the efficiency of the workforce at the company, Ocean Power Technologies Inc. [OPTT] managed to generate an average of -$287,556 per employee. Receivables Turnover for the company is 7.72 with a Total Asset Turnover recorded at a value of 0.11.Ocean Power Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 24.50 and a Current Ratio set at 24.50.

Ocean Power Technologies Inc. [OPTT] Insider Position Details

There are presently around $10 million, or 7.50% of OPTT stock, in the hands of institutional investors. The top three institutional holders of OPTT stocks are: MORGAN STANLEY with ownership of 1,047,652, which is approximately 9524009.091% of the company’s market cap and around 0.03% of the total institutional ownership; BLACKROCK INC., holding 712,047 shares of the stock with an approximate value of $1.8 million in OPTT stocks shares; and BANK OF AMERICA CORP /DE/, currently with $1.4 million in OPTT stock with ownership of nearly 9203033.333% of the company’s market capitalization.

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Positions in Ocean Power Technologies Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 33 institutional holders increased their position in Ocean Power Technologies Inc. [NASDAQ:OPTT] by around 2,172,790 shares. Additionally, 10 investors decreased positions by around 265,472 shares, while 5 investors held positions by with 1,361,034 shares. The mentioned changes placed institutional holdings at 3,799,296 shares, according to the latest SEC report filing. OPTT stock had 22 new institutional investments in for a total of 462,748 shares, while 6 institutional investors sold positions of 72,682 shares during the same period.

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