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Ocean Power Technologies Inc. (OPTT) stock was plunging in premarket; find out why

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Ocean Power Technologies Inc. (OPTT) stock fell 5.68% to trade at $2.49 in premarket at last check. OPTT stock closed Thursday’s session at a loss of-5.68% to $2.49. The OPTT stock volume traded today was 2.93 million shares, which was lower than the average daily volume of 8.32 million shares for the past 3 months. In the last 12 months, OPTT stock soared by 444.26% and decreased by-15.88% in the past week. The stock has lost -16.72% in the past 3 months, while over the past six months, it has added 8.26%. Furthermore, Ocean Power Technologies Inc. is currently valued at$127.81 million along with 33.72 million outstanding shares.

Ocean Power Technologies Inc. background

Ocean Power Technologies is a leading energy solutions company that focuses on providing ocean energy solutions. The company focuses on harnessing the durable and renewable energy of ocean waves to source its proprietary systems. The OPTT stock offers a PB3 PowerBuoy® system that provides power to support or substitute the offshore power grids. The PowerBuoy® also comes in the hybrid system which includes a subsea battery system, payloads, marine installation services, and integration services. OPTT also targets the subsea and offshore applications in markets such as offshore oil and gas, defense and security, science and research, and communications for the provision of real-time data communications and electric power.

Ocean Power Technologies Inc.’s Financial Year 2021

Ocean Power Technologies Inc. announced on 9th March 2021, that it has released in financial results for the third quarter of the Fiscal year 2021 that ended on 31st January 2021.

The company has realized the potential market for marine time exploration and engineering which requires 3Dent Technology. Thus OPTT stock has now added the acquisition of this technology to its portfolio and offshore engineering/design services for the new customer base. OPTT has also planned its first OPT PowerBuoy® remote deployment specifically for turnkey wave energy-powered subsea data collection in Chile. In the third quarter, its liquidity position also got a boost in total cash of $80.4 million. However, the revenue slumped compared to prior year same period.

Administrative changes in OPTT

Along with the dynamic shifts and expansion in the OPTT stock’s operational portfolio, there has also been administrative changes; 3 new directors have been hired onboard for expertise in “energy, safety, finance and governance.”

Overlook of the rest of 2021

The Company has also increased its financial position to boost its capital and has generated net proceeds through its ATM facilities and Equity Line Common Stock Purchase Agreements of $76.1 million including $66.7 in net proceeds for the third quarter. During this period the OPTT stock price increased as well. Company’s has an unrestricted cash balance of approximately $79.8 million as well as financial efficiency in cost management. The combination of both these facts is what the company expects that it can execute its growth strategy, market expansion, sales growth boost, development of new products and solutions.

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