Energous (NASDAQ:WATT) Stock Rating Upgraded by Zacks Investment Research

Energous (NASDAQ:WATT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday, Zacks.com reports. The firm currently has a $4.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 24.61% from the company’s current price.

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 opened at $3.21 on Friday. The company’s 50-day moving average price is $4.10 and its 200 day moving average price is $3.07. Energous has a 12-month low of $0.88 and a 12-month high of $7.69. The firm has a market cap of $198.42 million, a P/E ratio of -3.18 and a beta of 3.99.

Energous (NASDAQ:WATT) last released its quarterly earnings results on Thursday, February 25th. The industrial products company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.03. The business had revenue of $0.09 million for the quarter, compared to the consensus estimate of $0.10 million. Energous had a negative net margin of 13,071.48% and a negative return on equity of 171.68%. As a group, research analysts anticipate that Energous will post -0.84 earnings per share for the current year.

In other news, VP Neeraj Sahejpal sold 10,000 shares of the stock in a transaction dated Tuesday, March 9th. The shares were sold at an average price of $4.00, for a total transaction of $40,000.00. Following the completion of the sale, the vice president now owns 245,257 shares in the company, valued at $981,028. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 24,210 shares of company stock worth $98,629 over the last three months. 5.10% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. ExodusPoint Capital Management LP purchased a new stake in Energous during the 3rd quarter worth $34,000. Baird Financial Group Inc. lifted its stake in shares of Energous by 36.4% during the fourth quarter. Baird Financial Group Inc. now owns 37,500 shares of the industrial products company’s stock worth $68,000 after purchasing an additional 10,000 shares in the last quarter. Highland Private Wealth Management purchased a new stake in shares of Energous in the first quarter worth about $68,000. Jane Street Group LLC boosted its position in shares of Energous by 165.7% in the fourth quarter. Jane Street Group LLC now owns 38,259 shares of the industrial products company’s stock worth $69,000 after buying an additional 23,859 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of Energous in the fourth quarter valued at about $267,000. 10.46% of the stock is currently owned by institutional investors and hedge funds.

Energous Company Profile

Energous Corporation develops wire-free charging solutions. The company develops WattUp wireless power technology that consists of semiconductor chipsets, software controls, hardware designs, and antennas that enables radio frequency based wire-free charging for electronic devices. It has a strategic partnership with Xentris Wireless to develop ruggedized products for military applications using the company's radio frequency based charging technology.

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