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Wednesday, November 25, 2020

Ocean Power Technologies Inc. (NASDAQ:OPTT) Stock is Plummeting, Here is Why

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Ocean Power Technologies Inc. (OPTT) shares are trading at lower $1.82 and the avg recommendation for the stock is Hold.

To add more color to this target, the company’s high over the last year is $3.72 and the low is $0.33. Over the last 52 weeks, OPTT is up 23.81% while the S&P 500 is up 7.73%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, OPTT reported a profit of $-0.17 million. Ocean Power Technologies Inc. also saw revenues decrease to $0.17 million. In addition, OPTT has free cash flow of -$2.74 million as of 07-2020. The company’s EBITDA came in at -$3.31 million which compares well with its peers.

OPTT Return on Equity (ROE) is -104.20%, and its Return on Assets is -75.20%. All told, it is clear that, OPTT needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. OPTT has a short ratio of 0.03 and outstanding shares of 23.09M.

Company Outlook

OPTT has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 5.83 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -1.32. Ocean Power Technologies Inc. OPTT also noted assets of $14.4 million at the end of the last quarter. Investors should also keep an eye on sector updates as OPTT has historically followed its peers on positive news.

All told, Ocean Power Technologies Inc. OPTT has strung together solid data and demonstrated underlying fundamentals. At its current valuation, OPTT represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Ocean Power Technologies Inc. OPTT is now commanding a market cap of 42.15M and a float of 18.49M. OPTT is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of OPTT stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in OPTT, either long or short, and we have not been compensated for this article.

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