Ocean Power Technologies, Inc. (NASDAQ:OPTT) shares, dropped in value on Wednesday, Jan 13, with the stock price down by -1.97% to the previous day’s close as weak demand from buyers trailed the stock to $2.99.
Actively observing the price movement in the last trading, the stock closed the session at $3.05, falling within a range of $2.7600 and $3.7500. The value of beta (5-year monthly) was 3.23 whereas the PE ratio was 0 over 12-month period. Referring to stock’s 52-week performance, its high was $4.46, and the low was $0.33. On the whole, OPTT has fluctuated by 35.29% over the past month.
We see that OPTT’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
1 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 1 analyst(s), no one recommend it as a Buy and no body called the OPTT stock Outperform. In the meantime, none analyst(s) believe the stock as Underperform and none think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of OPTT currently trading nearly 7.55% and 24.08% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 59.08, while the 7-day volatility ratio is showing 16.41% which for the 30-day chart, stands at 12.04%. Furthermore, Ocean Power Technologies, Inc. (OPTT)’s beta value is 3.23, and its average true range (ATR) is 0.34. The company’s stock has been forecasted to trade at an average price of $1200 over the course of the next 52 weeks, with a low of $1200 and a high of $1200. Based on these price targets, the low is 40033.78 off current price, whereas the price has to move +40033.78% to reach the yearly target high. Additionally, analysts’ median price of $1200 is likely to be welcomed by investors because it represents an increase of +40033.78% from the current levels.
A comparison of Ocean Power Technologies, Inc. (OPTT) with its peers suggests the former has fared considerably weaker in the market. OPTT showed an intraday change of -1.97% in last session, and over the past year, it grew by +255.4%. In comparison, Equinor ASA (EQNR) has moved higher at +0.47% on the day and was down -6.17% over the past 12 months. On the other hand, the price of Tc Energy Corp (TRP) has risen 1.91% on the day. The stock, however, is off -18.08% from where it was a year ago. Additionally, there is a decline of -197% for Evergy Inc (EVRG) in last trading while the stock has seen an overall apprecation of 255.4% over the past year. The PE ratio stands at 0 for Ocean Power Technologies, Inc., compared to 0 for Equinor ASA, and 11.61 for Tc Energy Corp. Other than that, the overall performance of the S&P 500 during the last trading session shows that it gained 0.23%. Meanwhile, the Dow Jones Industrial weakened by -0.03%.
Data on historical trading for Ocean Power Technologies, Inc. (NASDAQ:OPTT) indicates that the trading volumes over the past 10 days have averaged 8.42 Million and over the past 3 months, they’ve averaged 6.44 Million. According to company’s latest data on outstanding shares, there are 30.8 Million shares outstanding.
Nearly 0.05% of Ocean Power Technologies, Inc.’s shares belong to company insiders and institutional investors own 0.99% of the company’s shares, according to Thomson Reuters’ data. The data on short interest also indicates that stock shorts accounted for 1.85 Million shares as on December 30, 2020, resulting in a short ratio of 0.51. According to the data, the short interest in Ocean Power Technologies, Inc. (OPTT) stood at 6.01% of shares outstanding as of December 30, 2020; the number of short shares registered in November reached 1.97 Million. The stock has risen by +11.15% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the OPTT stock heading into the next quarter.
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