Ocean Power Technologies Inc (NASDAQ: OPTT) is having a great start to the trading session this morning, and for good reason. The company announced news surrounding its PB3 PowerBuoy product, exciting investors and sending the stock for the top. Today, we’ll talk about:
- The news;
- what we’re seeing from OPTT stock as a result; and
- what we’ll be watching for ahead.
OPTT Climbs On News
As mentioned above, Ocean Power Technologies is having a great start to the trading session this morning after the company announced PB3 PowerBuoy news. The news came by way of press release early this morning.
In the release, OPTT said that the PB3 PowerBuoy deployed in the Adriatic Sea has produced more than one MegaWatt-hour of cumulative energy to date. So far, the PowerBuoy has been deployed for six months, operating continuously without error while being controlled remotely at the company’s New Jersey facility.
In a statement, George H. Kirby, President and CEO at OPTT, had the following to offer:
We are excited to announce this major power generation milestone for our PB3 PowerBuoy® deployed in the Adriatic Sea. Since the contract began in March of last year, OPT and Eni have been collaborating as a part of the Clean Sea initiative, and have achieved several important milestones with the PowerBuoy®.
The PowerBuoy® has been extremely reliable and demonstrated flexibility across a variety of applications. This ongoing successful project with Eni makes it clear that the PB3 PowerBuoy® is a valuable tool for a broad range of offshore Oil & Gas exploration and production operations, including charging of underwater unmanned vehicles, well monitoring, asset inspection, and decommissioning applications, and this project could lead to many new opportunities for our company going forward.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Ocean Power Technologies, the news proved to be overwhelmingly positive.
After all, the PB3 PowerBuoy is proving to be effective and consistent, without the need for repair or down time. So, it’s not surprising to see that excited investors are pushing the stock for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:28), OPTT is trading at $2.70 per share after a gain of $0.48 per share or 21.62% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on OPTT. In particular, we’re interested in following the story surrounding the company’s continued work to expand the use of its PB3 PowerBuoy, using today’s news as a case study that will likely generate sales. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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