Energous Corporation (WATT) Announces Quarterly Earnings Results, Meets Estimates

Energous Corporation (NASDAQ:WATT) released its quarterly earnings results on Tuesday, August 8th. The industrial products company reported ($0.63) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.63), Bloomberg Earnings reports. Energous Corporation had a negative return on equity of 237.18% and a negative net margin of 2,495.17%. The business had revenue of $0.30 million during the quarter, compared to analyst estimates of $0.43 million.

Shares of Energous Corporation (NASDAQ WATT) opened at 10.28 on Friday. Energous Corporation has a one year low of $9.70 and a one year high of $20.55. The firm’s market capitalization is $225.12 million. The stock’s 50 day moving average price is $14.67 and its 200 day moving average price is $15.00.

WATT has been the subject of a number of recent analyst reports. Roth Capital set a $23.00 price target on Energous Corporation and gave the company a “buy” rating in a research report on Thursday, May 11th. ValuEngine lowered Energous Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Ladenburg Thalmann Financial Services restated a “buy” rating and set a $18.00 price objective on shares of Energous Corporation in a research report on Thursday, May 11th. Zacks Investment Research upgraded Energous Corporation from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Friday, August 11th. Finally, BidaskClub lowered Energous Corporation from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Energous Corporation presently has an average rating of “Hold” and a consensus target price of $17.75.

In other news, Director John Gaulding sold 2,140 shares of the company’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $15.85, for a total transaction of $33,919.00. Following the completion of the transaction, the director now directly owns 86,155 shares of the company’s stock, valued at $1,365,556.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Neeraj Sahejpal sold 1,615 shares of the company’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $15.85, for a total value of $25,597.75. Following the transaction, the vice president now directly owns 104,820 shares of the company’s stock, valued at $1,661,397. The disclosure for this sale can be found here. Insiders have sold 24,593 shares of company stock valued at $395,217 over the last ninety days. 6.20% of the stock is owned by insiders.

Energous Corporation Company Profile

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.