Energous (WATT) Rating Lowered to Hold at Zacks Investment Research

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

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. “

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A number of other research firms also recently issued reports on WATT. Roth Capital set a $45.80 price target on Energous and gave the company a “buy” rating in a research note on Thursday, December 28th. ValuEngine upgraded Energous from a “sell” rating to a “hold” rating in a research note on Wednesday, December 27th. Ladenburg Thalmann Financial Services boosted their price target on Energous from $20.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, January 3rd. Finally, National Securities reiterated a “buy” rating on shares of Energous in a research note on Friday, February 16th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $33.33.

Shares of Energous stock opened at $15.25 on Thursday. The stock has a market capitalization of $442.49, a PE ratio of -6.57 and a beta of 1.38. Energous has a 52 week low of $6.91 and a 52 week high of $33.50.

Energous (NASDAQ:WATT) last released its quarterly earnings results on Thursday, February 15th. The industrial products company reported ($0.50) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.48) by ($0.02). The firm had revenue of $0.03 million for the quarter, compared to the consensus estimate of $0.27 million. Energous had a negative net margin of 4,278.77% and a negative return on equity of 312.80%. equities analysts forecast that Energous will post -1.81 EPS for the current year.

In related news, VP Neeraj Sahejpal sold 2,986 shares of the business’s stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $33.19, for a total transaction of $99,105.34. Following the completion of the transaction, the vice president now directly owns 83,867 shares in the company, valued at approximately $2,783,545.73. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Stephen R. Rizzone sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, December 29th. The shares were sold at an average price of $26.04, for a total value of $1,953,000.00. Following the transaction, the chief executive officer now owns 253,609 shares of the company’s stock, valued at $6,603,978.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 468,040 shares of company stock valued at $11,173,159. 6.30% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the stock. Hood River Capital Management LLC grew its stake in shares of Energous by 29.0% during the 4th quarter. Hood River Capital Management LLC now owns 1,649,853 shares of the industrial products company’s stock valued at $32,090,000 after acquiring an additional 371,144 shares during the period. BlackRock Inc. grew its stake in shares of Energous by 0.7% during the 4th quarter. BlackRock Inc. now owns 1,338,595 shares of the industrial products company’s stock valued at $26,037,000 after acquiring an additional 8,844 shares during the period. State Street Corp grew its stake in shares of Energous by 11.4% during the 2nd quarter. State Street Corp now owns 258,523 shares of the industrial products company’s stock valued at $4,203,000 after acquiring an additional 26,538 shares during the period. Northern Trust Corp grew its stake in shares of Energous by 27.8% during the 2nd quarter. Northern Trust Corp now owns 215,155 shares of the industrial products company’s stock valued at $3,498,000 after acquiring an additional 46,799 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Energous by 10.2% during the 4th quarter. Geode Capital Management LLC now owns 167,439 shares of the industrial products company’s stock valued at $3,256,000 after acquiring an additional 15,472 shares during the period. Institutional investors own 36.49% of the company’s stock.

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About Energous

Energous Corporation is engaged in developing a technology called WattUp that consists of semiconductor chipsets, software, hardware designs and antennas that can enable radio frequency (RF)-based wire-free charging for electronic devices, providing power at a distance and enabling charging with mobility under software control.

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