The stock of Ocean Power Technologies, Inc. (NASDAQ:OPTT) is now priced at $1.04 and the shares are -0.09 points down or -7.96% lower compared to its previous closing price of $1.13. The stock had 2.298 million contracts set over the past session. OPTT shares’ daily volume is compared to its average trading volume at 2.045 million shares. However, it has a float of 16.98 million and although its performance was 26.06% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the OPTT share price recently placing at $1.01 to $1.2. However, some brokerage firms have priced the stock below the average, including one that has called $1200.
The shorts are running away from the Ocean Power Technologies, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the OPTT shares have declined. Short interest in the stock represents just 0.22% of its float, but the volume has dropped by -215808. The volume of shorted shares dropped to 38056 from 253864 shares over the last two weeks. The average intraday trading volume has been 754384 shares, which means that days to cover moved to roughly 1.
In the last trading session, Ocean Power Technologies, Inc. (NASDAQ:OPTT) raised by $0.215 over the week and gained $0.344 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.34. The stock recorded its established 52-week high on 08/23/19.
Since 04/22/20, the stock has traded to a low of $0.329 at 216.11%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.58. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Ocean Power Technologies, Inc.’s two-week RSI is 68.57. This suggests that the stock is neutral at the moment and that OPTT shares’ price movement remains stable. The stochastic readings are equally revealing at 77.89% meaning the OPTT share price is currently in oversold territory.
The technical chart shows that the OPTT stock will likely settle at between $1.1567 and $1.2733 per share. However, if the stock dips below $0.9667, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.8933.
Currently, the stock is trading in the green of MACD, with a reading of 0.1451. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned OPTT a rating of Neutral in their resuming review released on February 25. Ascendiant Capital Markets analysts see the stock as a Strong Buy with a target price of $5 in a flash note released to investors on May 09 initiating covering the stock. UBS analysts see the stock as Buy. Nonetheless, the analysts revised the share prices down on July 17, placing it at $14 from $19.
The stocks P/S ratio currently stands below the group’s average of 47.7. Ocean Power Technologies, Inc. has its P/E ratio at 1.7, which means that the stock is currently trading at a discount relative to the 3.9 industry average.