StockNews.com Initiates Coverage on Odyssey Marine Exploration (NASDAQ:OMEX)

StockNews.com assumed coverage on shares of Odyssey Marine Exploration (NASDAQ:OMEX) in a report published on Saturday. The brokerage issued a sell rating on the business services provider’s stock.

Odyssey Marine Exploration Price Performance

Shares of OMEX opened at $0.63 on Friday. The stock’s 50 day moving average is $0.45 and its two-hundred day moving average is $2.43. Odyssey Marine Exploration has a 12 month low of $0.30 and a 12 month high of $5.57.

Insider Buying and Selling

In related news, Director Mark B. Justh bought 250,000 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were acquired at an average price of $0.55 per share, for a total transaction of $137,500.00. Following the completion of the transaction, the director now directly owns 501,124 shares in the company, valued at $275,618.20. This trade represents a 99.55 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Cowen AND Company LLC boosted its holdings in Odyssey Marine Exploration by 20.0% in the 2nd quarter. Cowen AND Company LLC now owns 36,000 shares of the business services provider’s stock worth $176,000 after buying an additional 6,000 shares during the last quarter. Voisard Asset Management Group Inc. boosted its stake in shares of Odyssey Marine Exploration by 800.0% in the third quarter. Voisard Asset Management Group Inc. now owns 36,000 shares of the business services provider’s stock worth $30,000 after acquiring an additional 32,000 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Odyssey Marine Exploration in the third quarter worth approximately $32,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Odyssey Marine Exploration during the second quarter worth approximately $372,000. Institutional investors and hedge funds own 49.96% of the company’s stock.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc, together with its subsidiaries, discovers, validates, and develops seafloor mineral resources worldwide. The company provides specialized mineral exploration, project development, and marine services to clients. Odyssey Marine Exploration, Inc was founded in 1994 and is headquartered in Tampa, Florida.