Ocean Power Technologies (OPTT) : Traders are bullish on Ocean Power Technologies (OPTT) as it has outperformed the S&P 500 by a wide margin of 150.56% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 186.59%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 190.88% in the last 1 week, and is up 161.51% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock. The stock has recorded a 20-day Moving Average of 182.55% and the 50-Day Moving Average is 217.53%.
Ocean Power Technologies (NASDAQ:OPTT): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $4.43 and $4.32 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $10.10. The buying momentum continued till the end and the stock did not give up its gains. It closed at $8.29, notching a gain of 75.26% for the day. The total traded volume was 27,392,056 . The stock had closed at $4.73 on the previous day.
The company Insiders own 2.1% of Ocean Power Technologies shares according to the proxy statements. Institutional Investors own 3.56% of Ocean Power Technologies shares. In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the CEO of Ocean Power Technologies, Inc., Kirby George H Iii, had purchased 9,229 shares in a transaction dated on July 15, 2015. The transaction was executed at $0.59 per share with total amount equaling $5,445.
Ocean Power Technologies, Inc. (OPT) is developing and seeking to commercialize systems that generate electricity by harnessing the renewable energy of ocean waves. The Companys PowerBuoy systems use technologies that convert the mechanical energy created by the rising and falling of ocean waves into electricity. OPTs PowerBuoy system is based on modular, ocean-going buoys. The rising and falling of the waves moves the buoy-like structure, creating mechanical energy that the Companys technologies convert into electricity. The Company is engaged in two types of manufacturing activities: the manufacturing of the power take-off (PTO) components, for systems control, power generation and power conversion for each PowerBuoy, and contracting with outside companies for the fabrication of the buoy structure, anchoring, mooring, and cabling.