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NEW YORK (TheStreet) -- Shares of Ocean Power Technologies (OPTT) are soaring 15.60% to $10.82 on heavy trading volume early Friday afternoon as it will raise about $4 million from a best efforts public offering.

The Pennington, NJ-based company has priced 595,000 units at $6.75 each.

Each unit consists of one share of common stock and 0.3 of a warrant to purchase one share of common stock at an exercise price of $9.36 per share, according to a company statement. The warrants will be exercisable immediately for five years from their issuance date.

Shares have more than tripled so far this month after Ocean Power Technologies deployed its first power-generating buoy for commercial use. Its PowerBuoy generates electrical energy from ocean wave power.

About 6.43 million shares of Ocean Power Technologies have been traded so far today, well above its average trading volume of roughly 2.97 million shares per day.

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D-.

Ocean Power's weaknesses include its disappointing return on equity and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: OPTT

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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