Ocean Power Technologies, Inc. (NASDAQ:OPTT) is 0.14 points higher today and the only thing that matters is where they go from here. You simply have to look deeper than the share price and explore the fundamentals and future growth potential. The stock value has climbed by nearly 16.77% to $0.97 from its previous close of $0.83. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 292731 contracts so far this session. OPTT shares had a relatively better volume day versus average trading capacity of 337.15 thousand shares, but with a 7.55 million float and a -1.92% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for OPTT stock indicates that the average analyst price target is $6 per share. This means the stock has a potential increase of 518.56% from where the OPTT share price has been trading recently.
During the recent trading session for Ocean Power Technologies, Inc. (NASDAQ:OPTT), the company witnessed their stock drop by $-0.23 over a week and tumble down $-0.01 from the price 20 days ago. When compared to their established 52-week high of $16.2, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 03/04/19. The recent low of $0.74 stood for a -93.98% since 12/19/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.7 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Ocean Power Technologies, Inc., the two-week RSI stands at 55.87. This figure suggests that OPTT stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current OPTT readings is similarly very revealing as it has a stochastic reading of 14.17% at this stage. This figure means that OPTT share price today is being overbought.
Technical chart claims that Ocean Power Technologies, Inc. (OPTT) would settle between $0.86/share to $0.88/share level. However, if the stock price goes below the $0.82 mark, then the market for Ocean Power Technologies, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $0.8 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.04. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at H.C. Wainwright, assumed coverage of OPTT assigning Neutral rating, according to their opinion released on February 25. Ascendiant Capital Markets, analysts launched coverage of Ocean Power Technologies, Inc. (NASDAQ:OPTT) stock with a Strong Buy recommendation, according to their flash note issued to investors on May 09. Analysts at UBS are sticking to their Buy stance. However, on July 17, they lifted price target for these shares to $14 from $19.
Moving on, OPTT stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/E ratio is 0 while for the average stock in the same group, the multiple is 43.5. Ocean Power Technologies, Inc. current P/B ratio of 0.6 means it is trading at a discount against its industry’s 2.8.