What’s Ocean Power Technologies, Inc. (OPTT) Downside After Reaching All-Time Low?

Ocean Power Technologies, Inc. (NASDAQ:OPTT) Logo

The stock of Ocean Power Technologies, Inc. (NASDAQ:OPTT) reached all time low today, May, 8 and still has $2.32 target or 4.00 % below today’s $2.42 share price. This indicates more downside for the $6.73M company. This technical setup was reported by Barchart.com. If the $2.32 PT is reached, the company will be worth $269,240 less.
Trading stocks at an all time low is not easy. Stock at an all time low usually experience even more downside due to very negative fundament. Even thought the pullback rate is high, shorting is not an easy job because the risk of being wrong is big and the risk-reward ratio is always worse than if trading lon only.

The stock decreased 3.59% or $0.09 during the last trading session, reaching $2.42. About 167,815 shares traded. Ocean Power Technologies, Inc. (NASDAQ:OPTT) has declined 73.12% since May 8, 2018 and is downtrending. It has underperformed by 77.49% the S&P500.

More notable recent Ocean Power Technologies, Inc. (NASDAQ:OPTT) news were published by: Seekingalpha.com which released: “Ocean Power Technologies, Inc. (OPTT) CEO George Kirby on Q1 2019 Results – Earnings Call Transcript – Seeking Alpha” on September 12, 2018, also Benzinga.com with their article: “24 Stocks Moving In Friday’s Pre-Market Session – Benzinga” published on April 05, 2019, Seekingalpha.com published: “Ocean Power Tech gets wave power patent for low to moderate seas – Seeking Alpha” on June 26, 2018. More interesting news about Ocean Power Technologies, Inc. (NASDAQ:OPTT) were released by: Nasdaq.com and their article: “Mid-Day ETF Update: ETFs, Stocks Higher as Wall Street Looks Ahead to FOMC Meeting Minutes – Nasdaq” published on April 10, 2019 as well as Nasdaq.com‘s news article titled: “Mid-Day Market Update: NASDAQ Up Over 1%; Obalon Therapeutics Shares Plummet – Nasdaq” with publication date: April 03, 2019.

Ocean Power Technologies, Inc. develops and commercializes proprietary systems that generate electricity by harnessing the renewable energy of ocean waves primarily in North America, Europe, Australia, and Asia. The company has market cap of $6.73 million. It offers PowerBuoy system that is designed to generate power for use independent of the power grid in remote offshore locations. It currently has negative earnings. The firm focuses on serving public and private entities, and agencies that require remote offshore power.

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