Ocean Power Technologies (AMEX:OPTT) shares, rose in value on Friday, November 22, with the stock price up by 9.16% to the previous day’s close as strong demand from buyers drove the stock to $0.17.
Actively observing the price movement in the recent trading, the stock is buoying the session at $0.15, falling within a range of $0.1569 and $0.1744. The value of beta (5-year monthly) is 2.19. Referring to stock’s 52-week performance, its high was $0.57, and the low was $0.12. On the whole, OPTT has fluctuated by 12.74% over the past month.
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With the market capitalization of Ocean Power Technologies currently standing at about $21.22 million, investors are eagerly awaiting this quarter’s results, scheduled for in December.
Technical indicators serve as essential tools for traders, offering insights into market sentiment and potential price movements. We see that OPTT’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium-term indicators have put the stock in the category of 50% Sell while long-term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the price of OPTT currently trading nearly 12.62% and 6.08% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 63.51, while the 7-day volatility ratio is showing 4.85% which for the 30-day chart, stands at 4.90%. Furthermore, Ocean Power Technologies (OPTT)’s beta value is 2.22, and its average true range (ATR) is 0.01.
A comparison of Ocean Power Technologies (OPTT) with its peers suggests the former has fared considerably weaker in the market. OPTT showed an intraday change of 9.16% in today’s session so far, and over the past year, it shrunk by -44.39%%.
Data on historical trading for Ocean Power Technologies (AMEX:OPTT) indicates that the trading volumes over the past 10 days have averaged 2.53 and over the past 3 months, they’ve averaged 3.46 million. According to company’s latest data on outstanding shares, there are 99.32 million shares outstanding.
Nearly 14.00% of Ocean Power Technologies’s shares belong to company insiders and institutional investors own 4.34% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 3.62 million shares as on 2024-10-31, resulting in a short ratio of 1.39. According to the data, the short interest in Ocean Power Technologies (OPTT) stood at 374.00 of shares outstanding as of 2024-10-31; the number of short shares registered in 2024-09-30 reached 5.95 million. The stock has fallen by -46.80% 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.
