Zacks Investment Research Downgrades Energous (NASDAQ:WATT) to Hold

Energous (NASDAQ:WATT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday, Zacks.com reports.

According to Zacks, “Energous Corporation is a developer of a disruptive wire-free charging technology. It solutions enables wireless charging or powering of electronic devices at distance. The wireless charging solution, it is developing employs three dimensional (3D) pocketforming. Energous Corporation is headquartered in Pleasanton, California. “

Shares of WATT stock opened at $1.18 on Thursday. Energous has a 52-week low of $1.15 and a 52-week high of $7.69. The stock has a market cap of $88.98 million, a PE ratio of -1.76 and a beta of 3.11. The firm’s 50 day moving average price is $1.49 and its two-hundred day moving average price is $2.03.

Energous (NASDAQ:WATT) last posted its earnings results on Thursday, November 11th. The industrial products company reported ($0.13) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.02. The company had revenue of $0.20 million for the quarter, compared to analyst estimates of $0.25 million. Energous had a negative net margin of 6,357.49% and a negative return on equity of 91.96%. During the same period last year, the business posted ($0.18) earnings per share. As a group, analysts forecast that Energous will post -0.61 EPS for the current year.

In related news, CEO Cesar Johnston sold 18,739 shares of the firm’s stock in a transaction on Monday, November 15th. The shares were sold at an average price of $1.87, for a total value of $35,041.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Neeraj Sahejpal sold 15,418 shares of the firm’s stock in a transaction on Monday, November 15th. The shares were sold at an average price of $1.87, for a total transaction of $28,831.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 60,868 shares of company stock worth $99,828. 4.20% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new position in Energous in the third quarter valued at $1,301,000. Price T Rowe Associates Inc. MD grew its position in Energous by 122.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 100,700 shares of the industrial products company’s stock valued at $289,000 after purchasing an additional 55,400 shares in the last quarter. Baird Financial Group Inc. grew its position in Energous by 1.7% in the second quarter. Baird Financial Group Inc. now owns 437,288 shares of the industrial products company’s stock valued at $1,255,000 after purchasing an additional 7,500 shares in the last quarter. Stifel Financial Corp grew its position in Energous by 52.7% in the second quarter. Stifel Financial Corp now owns 21,136 shares of the industrial products company’s stock valued at $61,000 after purchasing an additional 7,299 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Energous by 34.4% in the second quarter. Vanguard Group Inc. now owns 2,499,852 shares of the industrial products company’s stock valued at $7,175,000 after purchasing an additional 639,827 shares in the last quarter. 9.87% of the stock is owned by institutional investors and hedge funds.

Energous Company Profile

Energous Corp. engages in the development of wireless charging technology. It focuses on the product, WattUp, a wireless power technology consisting of proprietary semiconductor chipsets, software controls, hardware designs, and antennas, that enables radio frequency based charging for electronic devices.

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