Is Ocean Power Technologies, Inc. overvalued or undervalued?

As of 9 March 2020, the valuation grade for Ocean Power Technologies, Inc. changed from does not qualify to risky, indicating a shift in perception regarding its financial health. The company appears to be overvalued based on its current metrics, particularly given its negative P/E ratio, a price-to-book value of 3.25, and an EV to EBITDA of -4.36. These ratios suggest that the company is struggling to generate positive earnings, which is further emphasized by its ROCE of -104.91% and ROE of -72.38%.
In comparison to its peers, Ocean Power Technologies has a less favorable EV to EBITDA ratio than CBAK Energy Technology, Inc. at -14.5823 and NeoVolta, Inc. at -33.2719, highlighting its relative underperformance within the industry. Additionally, while the company has seen a remarkable 176.19% return over the past year, this is overshadowed by a significant year-to-date decline of -50.07% compared to the S&P 500's 12.22% return, reinforcing the notion that the stock may be overvalued in its current state.