Energous (WATT) Trading Down 6.6%

Energous Corp (NASDAQ:WATT) shares traded down 6.6% during mid-day trading on Monday . The stock traded as low as $9.88 and last traded at $9.92. 644,908 shares changed hands during trading, a decline of 52% from the average session volume of 1,346,400 shares. The stock had previously closed at $10.62.

Several research analysts have issued reports on the stock. ValuEngine cut shares of Energous from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. BidaskClub cut shares of Energous from a “sell” rating to a “strong sell” rating in a report on Thursday, August 16th. National Securities reiterated a “buy” rating and set a $35.00 target price on shares of Energous in a report on Sunday, August 5th. Roth Capital dropped their target price on shares of Energous from $48.50 to $24.50 and set a “buy” rating on the stock in a report on Thursday, August 2nd. Finally, Zacks Investment Research cut shares of Energous from a “buy” rating to a “hold” rating in a report on Friday, June 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $27.88.

The stock has a market cap of $288.73 million, a P/E ratio of -4.59 and a beta of 1.44.

Energous (NASDAQ:WATT) last released its quarterly earnings results on Wednesday, August 1st. The industrial products company reported ($0.48) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.54) by $0.06. The business had revenue of $0.21 million during the quarter, compared to analyst estimates of $0.22 million. Energous had a negative net margin of 9,750.39% and a negative return on equity of 182.29%. equities research analysts predict that Energous Corp will post -2.06 EPS for the current fiscal year.

In related news, insider Brian J. Sereda sold 10,540 shares of Energous stock in a transaction on Monday, July 16th. The stock was sold at an average price of $15.54, for a total value of $163,791.60. Following the transaction, the insider now directly owns 130,202 shares in the company, valued at approximately $2,023,339.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Neeraj Sahejpal sold 3,069 shares of Energous stock in a transaction on Monday, August 20th. The stock was sold at an average price of $12.59, for a total value of $38,638.71. Following the completion of the transaction, the vice president now owns 103,689 shares in the company, valued at $1,305,444.51. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,082 shares of company stock valued at $523,856. Insiders own 6.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of WATT. BlackRock Inc. grew its holdings in shares of Energous by 21.2% in the 2nd quarter. BlackRock Inc. now owns 1,622,437 shares of the industrial products company’s stock worth $24,060,000 after acquiring an additional 283,821 shares during the last quarter. Marble Arch Investments LP acquired a new position in shares of Energous in the 1st quarter worth $754,000. Bradley Foster & Sargent Inc. CT acquired a new position in shares of Energous in the 2nd quarter worth $458,000. Natixis acquired a new position in shares of Energous in the 2nd quarter worth $370,000. Finally, LPL Financial LLC acquired a new position in shares of Energous in the 1st quarter worth $293,000. Institutional investors and hedge funds own 24.06% of the company’s stock.

Energous Company Profile (NASDAQ:WATT)

Energous Corporation engages in the development of a wire-free charging system. It develops WattUp that consists of semiconductor chipsets, software, hardware designs, and antennas that enables radio frequency based wire-free charging for electronic devices, providing power at a distance and enables charging with mobility under software control.

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