Roth Capital Trims Energous (NASDAQ:WATT) Target Price to $7.00

Energous (NASDAQ:WATT) had its target price lowered by research analysts at Roth Capital from $8.20 to $7.00 in a note issued to investors on Friday, The Fly reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Roth Capital’s price objective would indicate a potential upside of 201.72% from the stock’s current price.

WATT has been the topic of several other research reports. ValuEngine upgraded Energous from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research reiterated a “buy” rating and set a $5.25 price objective on shares of Energous in a research report on Saturday, July 20th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $6.25.

WATT traded down $0.51 during trading hours on Friday, reaching $2.32. The company’s stock had a trading volume of 77,873 shares, compared to its average volume of 315,067. Energous has a 52 week low of $2.66 and a 52 week high of $11.54. The company’s 50-day moving average is $3.24 and its 200-day moving average is $3.99. The firm has a market cap of $86.09 million, a PE ratio of -1.17 and a beta of 1.74.

Energous (NASDAQ:WATT) last posted its quarterly earnings data on Thursday, November 7th. The industrial products company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.03. The firm had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.40 million. Energous had a negative return on equity of 172.39% and a negative net margin of 11,509.27%. Analysts predict that Energous will post -1.25 EPS for the current year.

In other news, CFO Brian J. Sereda sold 10,313 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.58, for a total transaction of $36,920.54. Following the sale, the chief financial officer now directly owns 159,386 shares of the company’s stock, valued at approximately $570,601.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Cesar Johnston sold 16,875 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $3.58, for a total value of $60,412.50. Following the sale, the chief operating officer now directly owns 303,971 shares in the company, valued at $1,088,216.18. The disclosure for this sale can be found here. Insiders have sold a total of 37,101 shares of company stock worth $131,765 in the last quarter. Company insiders own 7.00% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in WATT. Alexandria Capital LLC acquired a new stake in Energous in the third quarter valued at about $33,000. Calton & Associates Inc. acquired a new stake in Energous in the second quarter valued at about $44,000. Biltmore Capital Advisors LLC acquired a new stake in Energous in the third quarter valued at about $50,000. Brave Asset Management Inc. acquired a new stake in Energous in the first quarter valued at about $74,000. Finally, CIBC Private Wealth Group LLC boosted its stake in Energous by 18.3% in the third quarter. CIBC Private Wealth Group LLC now owns 23,568 shares of the industrial products company’s stock valued at $78,000 after buying an additional 3,650 shares in the last quarter. 24.86% of the stock is currently owned by institutional investors.

About Energous

Energous Corporation develops wire-free charging solutions. The company develops WattUp wireless power technology that consists of semiconductor chipsets, software controls, hardware designs, and antennas that enables radio frequency based wire-free charging for electronic devices. It has a collaboration with vivo Global to explore integrating WattUp into smartphone designs that charge wirelessly over-the-air.

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