Zacks Investment Research Downgrades Energous (NASDAQ:WATT) to Hold

Energous (NASDAQ:WATT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks.com reports.

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 NASDAQ WATT opened at $1.18 on Thursday. The stock has a 50 day simple moving average of $1.49 and a 200-day simple moving average of $2.03. The company has a market cap of $88.98 million, a PE ratio of -1.76 and a beta of 3.11. Energous has a 12-month low of $1.15 and a 12-month high of $7.69.

Energous (NASDAQ:WATT) last announced its earnings results on Thursday, November 11th. The industrial products company reported ($0.13) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.02. Energous had a negative return on equity of 91.96% and a negative net margin of 6,357.49%. The firm had revenue of $0.20 million for the quarter, compared to analysts’ expectations of $0.25 million. During the same quarter in the previous year, the company earned ($0.18) earnings per share. As a group, equities research analysts forecast that Energous will post -0.61 earnings per share for the current year.

In other Energous news, CEO Cesar Johnston sold 18,739 shares of the business’s stock in a transaction on Monday, November 15th. The shares were sold at an average price of $1.87, for a total transaction of $35,041.93. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Neeraj Sahejpal sold 15,418 shares of the business’s stock in a transaction on Monday, November 15th. The shares were sold at an average price of $1.87, for a total transaction of $28,831.66. The disclosure for this sale can be found here. Insiders sold 60,868 shares of company stock worth $99,828 in the last ninety days. 4.20% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Energous by 34.4% during the 2nd quarter. Vanguard Group Inc. now owns 2,499,852 shares of the industrial products company’s stock valued at $7,175,000 after acquiring an additional 639,827 shares in the last quarter. Credit Suisse AG grew its holdings in shares of Energous by 88.2% during the 2nd quarter. Credit Suisse AG now owns 876,483 shares of the industrial products company’s stock valued at $2,516,000 after acquiring an additional 410,706 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Energous by 35.1% during the 3rd quarter. Geode Capital Management LLC now owns 670,995 shares of the industrial products company’s stock valued at $1,395,000 after acquiring an additional 174,313 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Energous during the 3rd quarter valued at $1,301,000. Finally, Deutsche Bank AG grew its holdings in shares of Energous by 1,409.4% during the 2nd quarter. Deutsche Bank AG now owns 456,635 shares of the industrial products company’s stock valued at $1,311,000 after acquiring an additional 426,383 shares in the last quarter. 9.87% of the stock is currently owned by institutional investors.

About Energous

Energous Corp. engages in the development of wireless charging technology. It focuses on the product, WattUp, a wireless power technology consisting of proprietary semiconductor chipsets, software controls, hardware designs, and antennas, that enables radio frequency based charging for electronic devices.

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