Ocean Power Technologies (NASDAQ:OPTT) Releases Quarterly Earnings Results

Ocean Power Technologies (NASDAQ:OPTT) posted its quarterly earnings data on Wednesday. The energy company reported ($0.12) earnings per share (EPS) for the quarter, reports. The firm had revenue of $1.27 million for the quarter. Ocean Power Technologies had a negative return on equity of 53.03% and a negative net margin of 836.52%.

Ocean Power Technologies Trading Up 3.1 %

NASDAQ:OPTT opened at $0.41 on Friday. Ocean Power Technologies has a one year low of $0.40 and a one year high of $1.08. The company has a fifty day moving average price of $0.52 and a 200 day moving average price of $0.54.

Hedge Funds Weigh In On Ocean Power Technologies

Large investors have recently bought and sold shares of the stock. Jane Street Group LLC acquired a new position in Ocean Power Technologies during the 1st quarter valued at $55,000. UBS Group AG raised its stake in Ocean Power Technologies by 78.9% during the 2nd quarter. UBS Group AG now owns 121,915 shares of the energy company’s stock valued at $69,000 after purchasing an additional 53,761 shares during the last quarter. Bailard Inc. raised its stake in Ocean Power Technologies by 17.8% during the 2nd quarter. Bailard Inc. now owns 192,924 shares of the energy company’s stock valued at $116,000 after purchasing an additional 29,170 shares during the last quarter. Millennium Management LLC acquired a new position in Ocean Power Technologies during the 2nd quarter valued at $251,000. Finally, State Street Corp raised its stake in shares of Ocean Power Technologies by 4.6% in the 1st quarter. State Street Corp now owns 2,734,758 shares of the energy company’s stock valued at $3,856,000 after buying an additional 119,190 shares in the last quarter. 10.45% of the stock is currently owned by institutional investors and hedge funds.

Ocean Power Technologies Company Profile

Ocean Power Technologies, Inc develops and commercializes proprietary power platforms that generate electricity by harnessing the renewable energy of ocean waves in North America, South America, Australia, and Asia. It offers PB3 PowerBuoy that generates power for use independent of the power grid in offshore locations.