NEW YORK (TheStreet) -- Shares of Ocean Power Technologies(OPTT) - Get Report are soaring 53.99% to $7.28 on heavy trading volume late Friday morning following the deployment of the company's commercially designed PB3 PowerBuoy four miles off the New Jersey coast.
The Pennington, NJ-based company's PowerBuoy generates electrical energy from ocean wave power.
Its PB3 model has been updated from earlier prototypes to include a redesigned power take-off, high-capacity modular energy storage system, higher voltage power management and distribution system, and a new auto-ballasting system, according to a company statement.
"We are delighted to announce that we now have two PB3 PowerBuoys deployed off of the coast of New Jersey, with one of them being our anticipated commercial PB3 product offering," CEO George Kirby said in a statement.
"This deployment of our PB3 represents what we expect will be the final validation step prior to release of the product to our target customers and markets," Kirby added.
About 8.82 million shares of Ocean Power Technologies have been traded so far today, well above its average trading volume of roughly 721,946 shares per day.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D-.
Ocean Power Technologies'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.