HomeTop MoversHere is why Ocean Power Technologies Inc. (OPTT) stock plummeted on Tuesday?

Here is why Ocean Power Technologies Inc. (OPTT) stock plummeted on Tuesday?

Ocean Power Technologies Inc. (OPTT) shares declined 4.62% in after-hours on Tuesday, December 14, 2021, and closed the daily trading at $1.65. Even in the regular trading session, OPTT’s stock lost 5.98%. OPTT shares have fallen 26.07% over the last 12 months, and they have moved down 0.57% in the past week. Over the past three months, the stock has lost 8.95%, while over the past six months, it has declined 31.62%.

Let’s have a look at its recent news and developments.


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OPTT latest news

On December 14, 2021, Ocean Power Technologies, Inc. (OPTT), announced financial results for its second quarter, which ended October 31, 2021.

Q2 2022 financial highlights

  • OPTT revenue was $247,000 in Q2 2022 compared to $118,000 in Q2 2021.
  • Total operating expenses were $5.13 million in Q2 2022 compared to $2.9 million in Q2 2021.
  • It suffered a net loss of $5.2 million for the second quarter of Fiscal Year 2022 compared to a net loss of $3.0 million for the second quarter of Fiscal Year 2021.
  • The company ended the second fiscal quarter with cash and cash equivalents of $72.6 million.

OPTT new appointment

On December 13, 2021, Ocean Power Technologies, Inc. (OPTT), appointed Robert P. (Bob) Powers as Senior Vice President and Chief Financial Officer, effective December 13, 2021.

Mr. Powers has 25 years of experience in finance and strategy to OPT, most recently as CFO of Constellation Advisors. He has held financial leadership roles with Sterling Talent Solutions, Wood Group PPS – a division of Wood Group, GTE, SABIC Innovative Plastics, and Plug Power.

OPTT 2021 Annual Meeting of Stockholders

The board of directors of Ocean Power Technologies, Inc. (OPTT), postponed the 2021 Annual Meeting of Stockholders from December 13, 2021, to December 14, 2021, with a new start time of 2 p.m. Eastern. The record date of October 15, 2021, remains unchanged.

OPTT acquires Marine Advanced Robotics

On November 16, 2021, Ocean Power Technologies, Inc. (OPTT), closed on an acquisition of Marine Advanced Robotics, Inc. (MAR). This acquisition immediately provides OPT with an established, innovative offshore product line that features roaming capability and highly complements the OPT business strategy.

The deal was done by paying $11.0 million at closing, consisting of $4.0 million in cash and $7.0 million in OPT common stock (3,330,162 shares). Marine Advanced Robotics, Inc. continues to operate under its current brand name as a wholly-owned subsidiary of OPT.

Conclusion

Ocean Power Technologies stock plummeted after its poor Q2 2022 financial results which were unable to impress the investors and analysts. We can see it to further decline on Wednesday as well.

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