Zacks Investment Research Downgrades Energous Corp. (WATT) to Hold
Energous Corp. (NASDAQ:WATT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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 price objective (up previously from $13.00) on shares of Energous Corp. in a research report on Tuesday, August 16th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Energous Corp. 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 up 0.12% during mid-day trading on Tuesday, hitting $16.26. 31,966 shares of the company traded hands. Energous Corp. has a 1-year low of $3.65 and a 1-year high of $20.13. The stock’s market capitalization is $277.12 million. The firm’s 50 day moving average price is $17.66 and its 200-day moving average price is $13.21.
Energous Corp. (NASDAQ:WATT) last posted its earnings results on Tuesday, August 9th. The company reported ($0.62) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.62). On average, equities research analysts forecast that Energous Corp. will post ($1.95) EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in WATT. Wealthsource Partners LLC acquired a new position in Energous Corp. during the first quarter valued at approximately $250,000. Cadence Capital Management LLC raised its position in Energous Corp. by 68.8% in the second quarter. Cadence Capital Management LLC now owns 41,270 shares of the company’s stock valued at $534,000 after buying an additional 16,820 shares in the last quarter. State Street Corp acquired a new position in Energous Corp. during the first quarter valued at approximately $160,000. California State Teachers Retirement System acquired a new position in Energous Corp. during the second quarter valued at approximately $402,000. Finally, Renaissance Technologies LLC acquired a new position in Energous Corp. during the first quarter valued at approximately $559,000. 24.28% of the stock is currently 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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