Savvy Trades and Investments

[researcher59]

OPTT (0.30) - I owned this stock over a decade ago. Ocean Power Technologies designs and produces electricity generating buoys that convert the power of ocean waves into energy. Seemed like a great idea. It works but economically it's too inefficient to be viable. They've had the equivalent of a 1 for 200 reverse split over the past decade or so and constantly issue new shares to raise capital. Management and the BoD are well paid for accomplishing nothing.

For the past few months I've been short a tiny position of OPTT. IB allows the shorting of penny stocks. Now I'm making a profit on the short side, although it's just lunch money.

PGNT is a 5% shareholder, but I fail to see how they can make any money off the technology. Maybe they just want to liquidate the assets. They've issued scathing criticism of management's track record. We'll see how it plays out.