Revenue Update on Ocean Power Technologies Inc(NASDAQ:OPTT)

Ocean Power Technologies Inc(NASDAQ:OPTT) announced the earnings results for Fiscal Year 2017 and Q1. The results came in during After-hours on Sep 12, 2016. Earnings per share were $-1.72.

Ocean Power Technologies Inc (OPTT) shares turned negative on Tuesdays trading session with the shares closing down -0.07 points or -0.97% at a volume of 1,51,450. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $7.3891. The peak price level was also seen at $7.3891 while the days lowest was $7.1289. Finally the shares closed at $7.15. The 52-week high of the shares is $15.65 while the 52-week low is $0.95. According to the latest information available, the market cap of the company is $23 M.

Several Insider Transactions has been reported to the SEC. On Jul 17, 2015, George H Iii Kirby (CEO) purchased 9,229 shares at $0.59 per share price.Also, On Jan 22, 2015, David R Heinz (COO) purchased 20,000 shares at $0.52 per share price.

Ocean Power Technologies Inc. (OPT) is developing and seeking to commercialize systems that generate electricity by harnessing the renewable energy of ocean waves. The Company’s PowerBuoy systems use technologies that convert the mechanical energy created by the rising and falling of ocean waves into electricity. OPT’s 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 Company’s 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.

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