Energous (WATT) Shares Gap Down Following Insider Selling

Shares of Energous Corporation (NASDAQ:WATT) gapped down before the market opened on Tuesday following insider selling activity. 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, VP Neeraj Sahejpal sold 2,846 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $9.35, for a total value of $26,610.10. Following the transaction, the vice president now directly owns 89,123 shares in the company, valued at $833,300.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Stephen R. Rizzone sold 75,000 shares of the business’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $26.04, for a total value of $1,953,000.00. Following the completion of the transaction, the chief executive officer now owns 253,609 shares in the company, valued at $6,603,978.36. The disclosure for this sale can be found here. Insiders sold 271,209 shares of company stock worth $6,860,170 over the last 90 days. Company insiders own 6.30% of the company’s stock.

Several brokerages have recently commented on WATT. ValuEngine upgraded Energous from a “strong sell” rating to a “sell” rating in a research report on Tuesday, November 14th. Roth Capital set a $45.80 price objective on Energous and gave the company a “buy” rating in a research report on Thursday, December 28th. Finally, Zacks Investment Research downgraded 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 given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $26.27.

The company has a market capitalization of $496.25, a PE ratio of -8.73 and a beta of 1.89.

Energous (NASDAQ:WATT) last posted its earnings results on Wednesday, November 8th. The industrial products company reported ($0.58) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.03). The firm had revenue of $0.25 million during the quarter, compared to analysts’ expectations of $1.20 million. Energous had a negative return on equity of 263.95% and a negative net margin of 4,203.27%. analysts anticipate that Energous Corporation will post -2.18 earnings per share for the current year.

Several large investors have recently bought and sold shares of the stock. Hood River Capital Management LLC lifted its position in shares of Energous by 2.3% in the second quarter. Hood River Capital Management LLC now owns 1,334,815 shares of the industrial products company’s stock worth $21,704,000 after buying an additional 30,400 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Energous by 12.0% in the second quarter. Vanguard Group Inc. now owns 708,654 shares of the industrial products company’s stock worth $11,523,000 after buying an additional 75,862 shares in the last quarter. State Street Corp lifted its position in shares of Energous by 11.4% in the second quarter. State Street Corp now owns 258,523 shares of the industrial products company’s stock worth $4,203,000 after buying an additional 26,538 shares in the last quarter. Northern Trust Corp lifted its position in shares of Energous by 27.8% in the second quarter. Northern Trust Corp now owns 215,155 shares of the industrial products company’s stock worth $3,498,000 after buying an additional 46,799 shares in the last quarter. Finally, Robecosam AG purchased a new stake in shares of Energous in the second quarter worth about $1,645,000. Institutional investors own 38.97% of the company’s stock.

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Energous Company Profile

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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