Ocean Power Technologies Surges Off Deal With Mitsui

Ocean Power Technologies OPTT shares are trading higher by $4.12 or 270 percent at $5.65 in Wednesday's session. The catalyst for the monster rally is the announcement that the company has entered into it first commercial agreement with Mitusi Engineering and Shipbuilding worth$ 975K. The usually lighyly traded issue, with only 3k changing hands on Tuesday has traded nearly 15M shares today with less than three hours remaining. The news, which came out before the open, had a muted effect on the opening print. After a $0.12 higher open, at $1.65 (which stands as the low for the day), rocketed to $5 within the first minutes of the day. After a brief pullback to the $4.50 area, another leg of the really took the issues to $6.79 before falling back under $6. That marks the highest level for the issue since June 2015, when it peaked at $7.29.