Why Ocean Power Technologies (OPTT) Hit A One-Year High Today

NEW YORK (TheStreet) -- Ocean Power Technologies  (OPTT) soared to a one-year high of $6.54 as of 11:39 a.m. on Tuesday as the renewable energy company, which specializes in the extraction of natural energy from ocean waves, rose as the demand for clean energy increases.

Companies such as Plug Power  (PLUG), FuelCell Energy  (FCEL) and Ballard Power Systems  (BLDP) have repeatedly soared to one-year highs since last week in the wake of Plug Power's deal with Wal-Mart (WMT) to provide more than 1,700 hydrogen fuel cell solutions to power electric lift truck fleets at six of Wal-Mart's North American distribution centers. Plug Power's stock has increased almost sixfold so far this year.

As the demand for clean energy has increased, Ocean Power Technologies has ridden the wave. The stock has skyrocketed more than 225% so far in 2014.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

OPTT Chart

OPTT data by YCharts

OPTT Chart

OPTT data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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