Energous (WATT) Shares Gap Down on Insider Selling
Energous Corporation (NASDAQ:WATT) gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $32.64, but opened at $31.57. Energous shares last traded at $19.45, with a volume of 28394199 shares traded.
Specifically, insider Michael Aaron Leabman sold 29,610 shares of the firm’s stock in a transaction that occurred on Wednesday, December 27th. The stock was sold at an average price of $20.57, for a total value of $609,077.70. Following the completion of the sale, the insider now owns 152,279 shares of the company’s stock, valued at $3,132,379.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Neeraj Sahejpal sold 2,846 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $9.35, for a total value of $26,610.10. Following the completion of the sale, the vice president now directly owns 89,123 shares of the company’s stock, valued at approximately $833,300.05. The disclosure for this sale can be found here. Over the last quarter, insiders sold 271,209 shares of company stock valued at $6,860,170. 6.30% of the stock is currently owned by corporate insiders.
A number of equities research analysts have commented on the company. Ladenburg Thalmann Financial Services raised their price objective on Energous from $20.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday. Roth Capital set a $45.80 target price on Energous and gave the company a “buy” rating in a research report on Thursday, December 28th. ValuEngine raised Energous from a “sell” rating to a “hold” rating in a research report on Wednesday, December 27th. Finally, Zacks Investment Research cut Energous from a “hold” rating to a “sell” rating in a research report on Tuesday, November 14th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $30.93.
The company has a market cap of $519.13, a PE ratio of -9.13 and a beta of 1.93.
Energous (NASDAQ:WATT) last announced its earnings results on Wednesday, November 8th. The industrial products company reported ($0.58) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.55) by ($0.03). The company had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $1.20 million. Energous had a negative net margin of 5,099.30% and a negative return on equity of 324.52%. research analysts expect that Energous Corporation will post -2.18 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Nationwide Fund Advisors boosted its position in shares of Energous by 26.0% during the second quarter. Nationwide Fund Advisors now owns 10,741 shares of the industrial products company’s stock valued at $175,000 after buying an additional 2,216 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Energous during the third quarter valued at approximately $187,000. Frontier Investment Mgmt Co. bought a new stake in Energous during the second quarter worth $236,000. The Manufacturers Life Insurance Company lifted its holdings in Energous by 32.5% during the second quarter. The Manufacturers Life Insurance Company now owns 15,728 shares of the industrial products company’s stock worth $255,000 after acquiring an additional 3,855 shares during the period. Finally, Westside Investment Management Inc. lifted its holdings in Energous by 9.1% during the second quarter. Westside Investment Management Inc. now owns 18,025 shares of the industrial products company’s stock worth $287,000 after acquiring an additional 1,500 shares during the period. 38.97% of the stock is currently owned by institutional investors.
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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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