With the current price of $1.6, the stock of Ocean Power Technologies, Inc. (NASDAQ:OPTT) concluded the trading session seeing its price rise by 0.49 points or at a gain of 44.14% compared to its previous day’s closing price of $1.11. About 28.985 million shares of the stock changed hands on the day. The trading volume of OPTT’s shares during the past session compares with the stock’s average daily trading volume of 2.085 million shares. On the other hand, a float of 16.98 million shares and a weekly performance of 65% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $0 for OPTT’s share which suggests that the stock, price of which is currently buoying between $1.13 and $1.78, is prone to a loss of -100%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $1200 to the stock.
The latest data released on July 31, 2020 shows that the short float in the Ocean Power Technologies, Inc.’s stock is trending upward as short interest in OPTT shares climbed up leaving more number of shares available to public for trading. Number of shares shorted in the OPTT is currently comprised of 0.22% of the float as the volume of shorted shares inclined by 118393 shares. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to 156449 shares from the previous figure of 38056 shares. Stock’s average intraday volume is now standing at 1.814 million shares which indicate that the days to cover the shorts are nearly 1.
After concluding the day’s trading, price of Ocean Power Technologies, Inc. (NASDAQ:OPTT) is up $0.6303 over the week and it is $0.9249 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $2.34 that was attained on 08/23/19.
The stock has traded as low as $0.329 in past 52-week, and its current price is 386.32% above from that 52-week low price mark recorded on 04/22/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 2.67. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 83.89 as 14-days RSI of Ocean Power Technologies, Inc. This means that the OPTT is currently in an oversold territory and its share’s price movement is likely to be shaky for a while. Similarly, the stochastic oscillator is indicating a momentum of 71.26%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $1.8767 for the OPTT’s share while placing it at a 2nd resistance point of $2.1533 to be settled at. But if the stock takes a plunge lower than the 1st support price of $1.2267 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $0.8533.
MACD oscillator is showing a reading of 0.1958 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
H.C. Wainwright resumed coverage of the OPTT stock on February 25, recommending Neutral rating for it. The stock gets a Strong Buy recommendation from analysts at Ascendiant Capital Markets who started covering the stock with a target price of $5 in their May 09 note to investors.UBS analysts reiterated their recommendation of Buy rating for the stock on July 17 while suggesting a price target of $14 which previously was $19.
A quick look at other side of the picture shows that OPTT stock is lagging behind earnings per share estimates with a forward price-to-earnings ratio of 0. Stock’s current price-to-sales (P/S) ratio of 0 is at the rear of industry’s average P/S ratio of 50.3. A comparison of Ocean Power Technologies, Inc.’s trailing 12-months P/E ratio of 1.8 implies that it is trading above the industry’s average P/E ratio, which currently is 3.9.