Ocean Power Technologies (OPTT) Stock Gains Momentum: Here is Why
Ocean power solutions company Ocean Power Technologies (NYSEAMERICAN:OPTT), which is owned by the Monroe Township, was in considerable focus this past Friday and its stock jumped by 20% amidst heavy action. While the gains were attractive, it is also necessary for investors to remember that there was no news about the company that could have led to such gains.
However, back on June 21 there was a major development. At the time the company announced the appointment of a new President and Chief Executive Officer. The company announced that it appointed Phillip Stratmann to serve in both roles. It should be noted that Stratmann was also inducted into the Ocean Power Technology Board of Directors.
Stratmann is going to replace George H. Kirby as the CEO. Kirby decided to step down from his position at Ocean Power in order to follow up on other opportunities.
Terence J. Cryan, who is the chairman of the company, spoke about this appointment as well. He stated that Strattman is a highly experienced executive and has a proven track record of seeing through scalable business strategies. Strattman had earlier served as the vice president of global business development at the company since 2019.
Market Reaction:
On Friday, OPTT stock soared 20.33% at $2.96 with more than 43.85 million shares, compared to its average volume of 2.40 million shares. The stock had moved within a range of $2.6000 – 3.2800 after opening the trade at $2.60. Over the past 52-week, the stock has been trading within a range of $0.6500 – 7.3000.
