Zacks Investment Research Lowers Energous (WATT) to Sell

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Zacks Investment Research lowered shares of Energous (NASDAQ:WATT) from a hold rating to a sell rating in a research note issued to investors on Thursday morning.

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. “

A number of other research analysts have also weighed in on WATT. ValuEngine lowered Energous from a hold rating to a sell rating in a report on Wednesday, January 2nd. BidaskClub upgraded Energous from a sell rating to a hold rating in a report on Wednesday, February 20th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Energous has a consensus rating of Hold and a consensus price target of $22.00.

WATT stock opened at $5.92 on Thursday. Energous has a twelve month low of $4.41 and a twelve month high of $21.00. The company has a market capitalization of $157.96 million, a PE ratio of -2.97 and a beta of 1.96.

Energous (NASDAQ:WATT) last posted its earnings results on Wednesday, February 27th. The industrial products company reported ($0.48) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.48). Energous had a negative return on equity of 164.83% and a negative net margin of 9,871.85%. On average, sell-side analysts forecast that Energous will post -1.24 EPS for the current fiscal year.

In related news, insider Brian J. Sereda sold 3,400 shares of Energous stock in a transaction on Monday, February 4th. The stock was sold at an average price of $7.51, for a total transaction of $25,534.00. Following the sale, the insider now directly owns 117,199 shares in the company, valued at $880,164.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian J. Sereda sold 3,792 shares of Energous stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $7.40, for a total value of $28,060.80. Following the sale, the insider now owns 124,391 shares in the company, valued at $920,493.40. The disclosure for this sale can be found here. Insiders have sold 29,719 shares of company stock worth $212,642 over the last quarter. 6.80% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. Schnieders Capital Management LLC bought a new stake in Energous during the fourth quarter worth $89,000. Cheyne Capital Management UK LLP bought a new stake in Energous during the third quarter worth $101,000. M&T Bank Corp lifted its holdings in Energous by 95.9% during the fourth quarter. M&T Bank Corp now owns 20,010 shares of the industrial products company’s stock worth $116,000 after acquiring an additional 9,797 shares during the period. Newport Wealth Strategies Inc. bought a new stake in Energous during the fourth quarter worth $120,000. Finally, Bank of America Corp DE lifted its holdings in Energous by 155.8% during the fourth quarter. Bank of America Corp DE now owns 22,038 shares of the industrial products company’s stock worth $128,000 after acquiring an additional 13,421 shares during the period. Institutional investors and hedge funds own 27.95% of the company’s stock.

Energous Company Profile

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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