Ocean Power Technologies (NASDAQ:OPTT) spotted trading -90.98% off 52-week high price. On the other end, the stock has been noted 14.82% away from the low price over the last 52-weeks. The stock changed -1.94% to recent value of $2.02. The stock transacted 245063 shares during most recent day however it has an average volume of 1177.74K shares. The company has 2.82M of outstanding shares and 2.78M shares were floated in the market.
Ocean Power Technologies (NASDAQ:OPTT) a leader in innovative and cost-effective ocean energy solutions, announced that the Company has received a new U.S. patent for its Power Take-Off (PTO) System which is the mechanical heart of the PB3 PowerBuoy®. Ocean waves that pass-by the PowerBuoy® create a relative linear motion between the float and the spar components of the PB3. The PTO system takes the linear motion of the float through the input shaft and converts it into rotary motion via a ball-screw. The ball-screw drives a generator that produces electrical power thus completing the wave energy to electrical energy conversion.
George H. Kirby, President and Chief Executive Officer of OPT, stated, This new patent provides significant additional protection for our proprietary technology that enables the PowerBuoy® to be deployed and to perform autonomously in the toughest waters in the world. We continue to grow our extensive intellectual property patent portfolio, to capitalize on our prior investments in research & development, and to protect our breakthrough technology, which enables us to deliver the maximum value to our shareholders.
The PTO system has a mechanical efficiency of more than 90% and an expected minimum three years between service for continuous operation in the most severe environments, including the North Sea. The PTO system also contains a mechanical brake for locking the buoy during transportation and under storm conditions to prevent damage to the components.
This patent includes two different designs of the PTO system. The first design offsets the input rod and the ball-screw axes, which is currently being manufactured and deployed. The second design is based on a concentric input rod and ball-screw arrangement, which further simplifies the system and may be used in future PB3 PowerBuoy® deployments.
The newly issued patent increases the Company’s U.S. issued patent portfolio to 66 patents, of which 47 are active. The expiration dates for our issued U.S. patents run through 2037.
Outside of the U.S. we have been issued 237 patents across 13 countries with 37 of the active U.S. patents having at least one corresponding issued foreign patent. The Company’s patent portfolio includes patents and patent applications with claims directed to system design, control systems, power conversion, anchoring and mooring, and wave farm architecture. Its earnings per share (EPS) expected to touch remained 70.30% for this year.
According to the most recent quarter its current ratio was 1.3 that represents company’s ability to meet its current financial obligations. The price moved ahead of -1.44% from the mean of 20 days, -14.84% from mean of 50 days SMA and performed -70.98% from mean of 200 days price. Company’s performance for the week was 2.02%, -4.72% for month and YTD performance remained -70.30%.
Daniel Johnson – Category – Finance
Daniel Johnson studied a business degree majoring in finance and security analysis. He has a deep understanding of both technical and fundamental forms of analysis, he deeply believes that it makes a lot more sense for average investors to understand fundamental analysis, which he believes anyone can learn. Daniel has over 10 years of experience as a professional journalist, writer and an editor. He holds a bachelor’s degree in International Business from University of Melbourne. He writes articles about hot stocks, dividend growth investing, options trading, investment decisions, stock selection, portfolio management, and passive income generation. Daniel also reports on Finance category.
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