Energous Corp. (WATT) Lifted to Buy at Zacks Investment Research
Energous Corp. (NASDAQ:WATT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $18.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 11.04% from the stock’s previous close.
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. “
Separately, Oppenheimer Holdings Inc. restated an “outperform” rating and set a $15.00 target price (up from $13.00) on shares of Energous Corp. in a research note on Tuesday, August 16th. Five research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and an average price target of $14.75.
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Shares of Energous Corp. (NASDAQ:WATT) traded down 3.08% during midday trading on Wednesday, reaching $15.71. The company had a trading volume of 356,031 shares. The firm’s 50 day moving average price is $17.65 and its 200-day moving average price is $13.03. The stock’s market capitalization is $267.75 million. Energous Corp. has a 1-year low of $3.65 and a 1-year high of $20.13.
Energous Corp. (NASDAQ:WATT) last announced its earnings results on Tuesday, August 9th. The company reported ($0.62) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.62). Equities research analysts expect that Energous Corp. will post ($1.95) EPS for the current fiscal year.
A number of hedge funds have recently modified their holdings of WATT. American International Group Inc. purchased a new stake in shares of Energous Corp. during the second quarter worth approximately $110,000. Thompson Davis & CO. Inc. purchased a new stake in shares of Energous Corp. during the second quarter worth approximately $113,000. Nationwide Fund Advisors purchased a new stake in shares of Energous Corp. during the second quarter worth approximately $122,000. Barclays PLC purchased a new stake in shares of Energous Corp. during the second quarter worth approximately $128,000. Finally, State Street Corp purchased a new stake in shares of Energous Corp. during the first quarter worth approximately $160,000. 24.25% of the stock is owned by institutional investors.
About Energous Corp.
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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