Ocean Power Technologies, Inc. (OPTT) stock announced receival of the Department of Energy award after which the stock became bullish today. OPTT stock price saw a push of 3.74% to reach $1.94 a share as of this writing. The stock was gloomy in the previous trading session and went down by 2.09% at closing. The trading volume as of this writing was 830,255. Let’s see the stock in depth.
What’s Happening?
Ocean Power Technologies, Inc. is the leading cost-effective and innovative low-carbon ocean energy solutions provider in the United States. The U.S Department of Energy (DOE) selected the OPTT stock to further develop the next-generation wave energy converter. Under DOE’s award, OPTT stock will get $197,203. Ocean power will carry out initial conceptual design and feasibility study of small-scale Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy®. The purpose behind this is to power autonomous ocean monitoring systems.
OPTT stock already has multiple patents related to MOSWEC technology. In order to protect internal components, OPTT stock’s MOSWEC design contains a hermetically sealed hull. Its size is about a standard shipping container, and it is easily deployable and transportable. Furthermore, the design also supports an extensive range of applications and missions.
Financial View of OPTT stock:
Ocean Power generated $0.6 million in revenue for the fourth quarter of the fiscal year 2021, flat compared to the prior year period. For the full fiscal year 2021, OPTT stock reported $1.2 million in revenue, 28% lower than fiscal 2020. This decline is attributable to Covid-19 as many operations were delayed due to breakout deadly pandemic. Ocean Power stock suffered a $5.2 million net loss in the fourth quarter of the fiscal year. The net loss of the full fiscal year 2021 reached $14.8 million.
As of April 30, 2021, OPTT stock had $83.6 million in cash, cash equivalents, and restricted cash. This compares to the USD 80.4 million in total cash, cash equivalents, and restricted cash by the end of January.Net cash used in operating activities reached $11.7 million. The net cash represented a $1.1 million increase during the fiscal year 2021.
Wrap Up:
Ocean Power is hot among investors as far as market sentiment is concerned. Though Covid-19 greatly hit the business but the management is striving to recover the loss. The stock has gained 36.46% in the last 12 months and has a market cap of 98.096 million. The stock can progress well if the Covid-19 remains under control.
