Ocean Power Technologies Inc. (OPTT) lost ground during morning trading on September 22 to make it one of the worst performers amongst all NYSE and NASDAQ listed stocks in the industrial goods sector halfway through the trading day. At the lunch break, shares of OPTT have fallen 4.82% to $6.72 after closing the day prior at $7.06. So far, the stock has traded as high as $7.13 and as low as $6.52. Today’s decline has come with about 170,009 shares changing hands, compared to an average 30-day volume of 558,532 for Ocean Power Technologies Inc.. The price is currently below the 30-day volume weighted average price of $6.79 for OPTT.
The share depreciation gives the company a market capitalization of $22.32 million based upon 3.16 million shares outstanding. It also means that OPTT has a price-to-book ratio of 6.7:1.
In the past 52 weeks, shares of OPTT have traded as low as $0.95 and as high as $15.65. Technical traders will take note that at $6.72, shares of OPTT are trading above their 200-day MA at $3.71 and below their 50-day MA at $8.39. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding below them is typically regarded as bearish.
Who is OPTT?
Ocean Power Technologies Inc is engaged in developing systems that generate electricity by harnessing the renewable energy of ocean waves. The company’s 33 employees are led by CEO George H. Kirby from the corporate headquarters at 1590 Reed Road in Pennington, NJ.
For more information on OPTT and other companies trading on the major exchanges, as well as the over the counter markets, or to be considered for contributing content for our distribution network, visit FinancialPress.com today.
All data provided by QuoteMedia, with stock data accurate as of 12:00 PM ET. FinancialPress.com is not responsible for inaccuracies in third-party supplied information.
FinancialPress.com is a leading publisher of market and investment news, commentary, proprietary research and videos from seasoned journalists, analysts and contributors covering the financial markets and global economies. Leveraging our extensive distribution network and social media presence, we have cultivated a valuable audience of engaged market enthusiasts, which in turn delivers a variety of unique opportunities for industry partnerships, corporate communications, market exposure and investment. A complete disclaimer can be viewed here.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of FinancialPress.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://financialpress.com/legal-disclaimer/.