Energous (NASDAQ:WATT) Upgraded to Buy at Zacks Investment Research

Energous (NASDAQ:WATTGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm currently has a $1.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 8.91% from the company’s current price.

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. “

Other equities analysts have also recently issued reports about the stock. StockNews.com initiated coverage on shares of Energous in a research note on Thursday, March 31st. They issued a “sell” rating for the company. LADENBURG THALM/SH SH dropped their target price on shares of Energous from $5.00 to $1.50 in a report on Tuesday, March 1st.

NASDAQ WATT traded up $0.01 during trading on Wednesday, reaching $0.92. 5,670 shares of the company’s stock traded hands, compared to its average volume of 594,694. The firm has a market cap of $70.76 million, a price-to-earnings ratio of -1.53 and a beta of 2.89. The company’s 50 day simple moving average is $1.06 and its two-hundred day simple moving average is $1.22. Energous has a 12-month low of $0.82 and a 12-month high of $3.88.

Energous (NASDAQ:WATTGet Rating) last released its earnings results on Wednesday, May 11th. The industrial products company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.06. Energous had a negative net margin of 4,843.41% and a negative return on equity of 95.67%. During the same period in the previous year, the firm posted ($0.14) earnings per share. As a group, analysts predict that Energous will post -0.54 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP purchased a new position in shares of Energous during the third quarter worth approximately $33,000. Level Four Advisory Services LLC acquired a new position in shares of Energous during the 4th quarter worth $27,000. Raymond James & Associates increased its position in Energous by 39.6% during the 3rd quarter. Raymond James & Associates now owns 21,675 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 6,150 shares in the last quarter. Aaron Wealth Advisors LLC purchased a new stake in Energous during the 1st quarter worth about $19,100,000. Finally, Advisor Group Holdings Inc. grew its holdings in Energous by 52.6% in the 1st quarter. Advisor Group Holdings Inc. now owns 33,805 shares of the industrial products company’s stock valued at $60,000 after buying an additional 11,650 shares during the period. Institutional investors and hedge funds own 10.30% of the company’s stock.

Energous Company Profile (Get Rating)

Energous Corporation develops wireless 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 charging for electronic devices. The company's 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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