Q2 STOCKS TO BUY

Ocean Power Technologies Inc (OPTT) Heads Toward Best Day Ever

Shares of Ocean Power Technologies Inc (NASDAQ:OPTT) have nearly quadrupled in value, after the company inked a roughly $1 billion lease agreement

Jun 1, 2016 at 2:25 PM
facebook X logo linkedin


Shares of Ocean Power Technologies Inc (NASDAQ:OPTT) have nearly quadrupled in value today -- last seen up 277% at $5.77 -- and, while OPTT doesn't trade options, with almost 17 million shares traded, stock volume is at an all-time high. Sparking today's activity is news that OPTT will lease its nearly $1 million PB3 PowerBuoy systems, which generates electricity from ocean waves, to Mitsui Engineering & Shipbuilding Co Ltd. As such, OPTT is on pace for its biggest percentage gain to date, catching short sellers off guard.

Specifically, short interest rose 8.8% in the most recent reporting period to 60,000 shorted shares. It would take more than four sessions to cover these shorted shares, at OPTT's average daily pace of trading.

Ahead of today's trading, though, these short sellers were in the drivers seat. For starters, the stock was trading all the way up near $275 at its peak in April 2007. More recently, Ocean Power Technologies Inc (NASDAQ:OPTT) was sitting on a 74% year-over-year deficit through last night's close -- and notched a record low of $0.95 on Jan. 20. Thanks to today's bull gap, though, OPTT has taken a comfortable lead over its 50-week moving average, a trendline not conquered on a weekly closing basis since June 2014.

OPTT weekly chart

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical  levels, and top economic stories straight to your inbox.

 
 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

GRAND SLAM COUNTDOWN

 
 

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.

 

 
 

Follow us on X, Follow us on Twitter