Update (4:24 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- Ocean Power Technologies (OPTT) skyrocketed 15.84% to $2.56, up 35 cents from its previous close of $2.21, at the close of the trading day on Tuesday after the company announced that it had reached a funding agreement with the Australian government for $59.8 million (A$66.5 million).
The stock had a volume of 8,527,146, well above its average of 544,033. It hit a high of $3.55 and a low of $2.49 for the day.
The Pennington, N.J.-based renewable energy company announced that Victorian Wave Partners, a group that Ocean Power Technologies owns and that focuses on specific projects, has signed an agreement with the Australian Renewable Energy Agency. The company will use the grant toward the cost of building and deploying a 62.5 megawatt peak-rated wave power station off the coast of Portland, Victoria.
TheStreet Ratings team rates OCEAN POWER TECHNOLOGIES INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate OCEAN POWER TECHNOLOGIES INC (OPTT) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself."