Best Penny Stocks To Buy [or avoid] Right Now #1: Ocean Power Technologies
The rotation into industrials and niche tech and out of things like mainstream tech has seen a surge in things like alternative power stocks. Ocean Power Technologies Inc. (OPTT Stock Report) has been on our list of penny stocks to watch for some time now. Ocean Power focuses on renewable wave-energy technology and has been on the radar since August. The company develops power generation systems that actually use renewable energy of ocean waves as the source of “raw material”. Its PowerBuoy technology integrates with hydrodynamics, electronics, energy conversion, and computer control systems to extract the natural energy in ocean waves.
While August was an exciting month for the penny stock, OPTT has really taken off in October. Month-to-date, shares of the energy penny stock are up over 130%. Furthermore, OPTT has managed to jump as high as $3.72 on one of its heaviest volume days of the year. Last month, Ocean Power inked a $12.5 million common stock purchase agreement with Aspire Capital Fund for a period of 30 months. Net proceeds were earmarked for building more PowerBuoys and develop new products among other things. Though the company hasn’t released news recently, it has been vocal more frequently on its Twitter feed. A tweet from earlier in the month focused on its marine surveillance systems.
“OPT’s Marine Surveillance System offers remote, autonomous, low- to zero-carbon surveillance for security and enforcement efforts,” read the tweet. As energy penny stocks remain a focus, will OPTT stock continue this trend into the end of the week?