Ocean Power Technologies (OPTT) Continues To Surge After Reporting Narrower Loss

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09:38:26 pm on September 10, 2009

Ocean Power Technologies (OPTT) looks mighty close to putting in a bottom after testing the March lows in recent days and surging with volume again today after it reported a narrower loss yesterday morning.  While revenues came in 27% lower than the year ago period at $1.3 million, the company reported a narrower loss of .21/share.  Traders seemed to like the report, bidding up the stock nearly 20% in the past two trading days. 

CEO Mark Draper said: “We made a strong start to our fiscal year with significant progress on our flagship projects, and achieving gross profits on our contracts. The development of our first PB150 PowerBuoy remains on track. We also signed a commitment agreement with the South West Regional Development Agency to make Wave Hub, one of the world`s largest
proposed renewable marine energy projects, a commercial reality. As a result, we continue to look to the future with confidence.”

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