Boston, MA 06/10/2013 (wallstreetpr) – The share prices of Ocean Power Technologies Inc (NASDAQ:OPTT) had surged by 16.65 percent to close at $1.79 per share for the end of last trading session on Friday. The shares of the company had been trading in the range of $1.53 to $1.87 per share during the day. The shares of Ocean Power Technologies Inc (NASDAQ:OPTT) had recorded 52 week low price level of $1.45 per share and 52 week high price level of $3.97 per share.
Ocean Power Technologies Inc (NASDAQ:OPTT) is primarily engaged in the development and commercialization of electricity generation systems which would utilize the energy generated by ocean waves to produce electricity. The Power Buoy Systems manufactured by the company are based on the system of converting the mechanical energy produced from the rising and falling movement of ocean waves into the electrical energy.
The two major product lines of PowerBuoy Systems developed by Ocean Power Technologies Inc (NASDAQ:OPTT) are the utility Power Buoy Systems which are intended to be used in the local and regional power grids and the autonomous Power Buoy Systems which are to be used for electricity generation by independent players in remote locations.
The ocean waves based power generation systems manufacturer had recently commenced the in ocean trials of its new generation Power Buoy device, the PB 150 which had been designed to produce a peak rated output of 150 kilowatts. This 150kW output of the PB150 device was observed to be equivalent to the energy consumption of 150 homes and is the largest and most powerful electricity generation system designed by Ocean Power Technologies Inc (NASDAQ:OPTT).
The company presently holds 10.39 million shares outstanding in the market with an institutional ownership of 17 percent of its holdings. The shares of Ocean Power Technologies Inc (NASDAQ:OPTT) had witnessed the trade of 225,821 shares on Friday, while the average trading volume for the company is at 75,251 shares per day.