Energous Corporation (NASDAQ:WATT)’s share price rose 22.2% during mid-day trading on Wednesday after Ladenburg Thalmann Financial Services raised their price target on the stock from $20.00 to $32.00. Ladenburg Thalmann Financial Services currently has a buy rating on the stock. Energous traded as high as $24.95 and last traded at $23.76. Approximately 8,010,000 shares traded hands during mid-day trading, an increase of 72% from the average daily volume of 4,660,000 shares. The stock had previously closed at $19.45.
A number of other equities analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Energous from a “hold” rating to a “sell” rating in a research note on Tuesday, November 14th. Roth Capital set a $45.80 target price on shares of Energous and gave the stock a “buy” rating in a report on Thursday, December 28th. Finally, ValuEngine upgraded shares of Energous from a “sell” rating to a “hold” rating in a report on Wednesday, December 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $30.93.
In other Energous news, Director John Gaulding sold 25,000 shares of the stock in a transaction on Saturday, December 29th. The shares were sold at an average price of $29.66, for a total value of $741,500.00. Following the sale, the director now directly owns 73,312 shares in the company, valued at $2,174,433.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Stephen R. Rizzone sold 75,000 shares of the stock in a transaction on Friday, December 29th. The stock was sold at an average price of $26.04, for a total transaction of $1,953,000.00. Following the completion of the sale, 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. Over the last quarter, insiders sold 271,209 shares of company stock worth $6,860,170. Company insiders own 6.30% of the company’s stock.
The firm has a market capitalization of $527.82, a price-to-earnings ratio of -8.73 and a beta of 1.93.
Energous (NASDAQ:WATT) last issued its quarterly earnings data 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). Energous had a negative return on equity of 263.95% and a negative net margin of 4,203.27%. The company had revenue of $0.25 million for the quarter, compared to analyst estimates of $1.20 million. analysts expect that Energous Corporation will post -2.18 earnings per share for the current year.
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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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