Energous (NASDAQ:WATT) Issues Earnings Results, Misses Estimates By $0.31 EPS

Energous (NASDAQ:WATT) posted its quarterly earnings results on Wednesday. The industrial products company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.31), FiscalAI reports. Energous had a negative return on equity of 39.80% and a negative net margin of 0.80%.The business had revenue of $3.09 million during the quarter, compared to the consensus estimate of $3.40 million.

Energous Stock Performance

Shares of NASDAQ WATT traded down $1.68 during mid-day trading on Wednesday, hitting $16.98. The stock had a trading volume of 383,589 shares, compared to its average volume of 383,917. The business has a 50 day moving average price of $20.35 and a two-hundred day moving average price of $18.58. Energous has a 1 year low of $3.62 and a 1 year high of $36.98. The firm has a market cap of $93.39 million, a P/E ratio of -4.14 and a beta of 1.58.

Insiders Place Their Bets

In other news, CEO Mallorie Sara Burak purchased 1,867 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were acquired at an average price of $26.47 per share, with a total value of $49,419.49. Following the acquisition, the chief executive officer directly owned 26,999 shares in the company, valued at approximately $714,663.53. The trade was a 7.43% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.16% of the stock is owned by insiders.

Institutional Trading of Energous

An institutional investor recently raised its stake in Energous stock. Geode Capital Management LLC increased its holdings in Energous Corporation (NASDAQ:WATT) by 85.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,713 shares of the industrial products company’s stock after purchasing an additional 8,619 shares during the quarter. Geode Capital Management LLC owned approximately 0.86% of Energous worth $75,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 4.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Energous in a research note on Friday, July 24th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

About Energous

Energous Corporation develops and commercializes radio frequency (RF)–based wireless charging technology designed to deliver power over the air to compatible devices. Its WattUp platform includes near?field and far?field transmitters that emit targeted RF energy and receiver modules that convert that energy into electrical power. The company’s solutions aim to eliminate the need for cables and charging pads by enabling contactless power delivery to a range of products, from wearables and IoT sensors to medical devices and consumer electronics.