Ocean Power Technologies (OPTT) has risen sharply, recording gains of 264.68% in the past 4 weeks. However, the stock has corrected -9.81% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 252.83% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
The stock has recorded a 20-day Moving Average of 49.24% and the 50-Day Moving Average is 119.96%. Ocean Power Technologies, Inc. is up 386.27% in the last 3-month period. Year-to-Date the stock performance stands at 337.62%.
Ocean Power Technologies (NASDAQ:OPTT): On Fridays trading session , Opening price of the stock was $9.31 with an intraday high of $9.99. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $9.04. However, the stock managed to close at $9.19, a loss of 2.03% for the day. On the previous day, the stock had closed at $9.38. The total traded volume of the day was 1,524,138 shares.
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.