Energous (NASDAQ:WATT) Coverage Initiated at StockNews.com

Posted by on Jun 23rd, 2023

Analysts at StockNews.com began coverage on shares of Energous (NASDAQ:WATT – Get Rating) in a research report issued on Friday. The brokerage set a “sell” rating on the industrial products company’s stock.

Energous Stock Performance

Shares of WATT opened at $0.29 on Friday. The firm has a market capitalization of $26.50 million, a price-to-earnings ratio of -0.88 and a beta of 2.59. Energous has a one year low of $0.29 and a one year high of $1.57. The stock’s fifty day moving average is $0.34 and its 200-day moving average is $0.60.

Energous (NASDAQ:WATT – Get Rating) last issued its quarterly earnings results on Wednesday, May 10th. The industrial products company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $0.10 million for the quarter, compared to analyst estimates of $0.15 million. Energous had a negative return on equity of 88.08% and a negative net margin of 3,521.31%. Analysts forecast that Energous will post -0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Armistice Capital LLC acquired a new position in Energous during the first quarter worth about $4,244,000. BlackRock Inc. grew its holdings in Energous by 1.9% during the first quarter. BlackRock Inc. now owns 896,760 shares of the industrial products company’s stock worth $1,077,000 after acquiring an additional 17,142 shares during the period. State Street Corp grew its holdings in Energous by 8.9% during the third quarter. State Street Corp now owns 208,725 shares of the industrial products company’s stock worth $215,000 after acquiring an additional 17,000 shares during the period. Level Four Advisory Services LLC grew its holdings in Energous by 963.9% during the first quarter. Level Four Advisory Services LLC now owns 200,549 shares of the industrial products company’s stock worth $108,000 after acquiring an additional 181,699 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in shares of Energous in the 1st quarter valued at $96,000. 17.39% of the stock is owned by institutional investors and hedge funds.

About Energous

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Energous Corporation develops wireless charging applications. The company develops WattUp wireless power technology that consists of semiconductor chipsets, software controls, hardware designs, and antennas that enables radio frequency-based charging for electronic devices. Its products are used in building and home automation, electronic shelf labels, industrial IoT sensors, surface and implanted medical devices, tracking devices, hearables, wearables, consumer electronics, and public safety applications.

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