Energous (WATT) Shares Down 38.4% Following Insider Selling

Energous Corporation (NASDAQ:WATT) fell 38.4% on Monday after an insider sold shares in the company. The stock traded as low as $19.44 and last traded at $19.45. 28,413,632 shares traded hands during trading, an increase of 2,866% from the average session volume of 957,943 shares. The stock had previously closed at $31.57.

Specifically, VP Neeraj Sahejpal sold 2,986 shares of the company’s stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $33.19, for a total transaction of $99,105.34. Following the sale, the vice president now owns 83,867 shares of the company’s stock, valued at $2,783,545.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Gaulding sold 25,000 shares of the company’s stock in a transaction on Friday, December 29th. The shares were sold at an average price of $29.66, for a total transaction of $741,500.00. Following the sale, the director now directly owns 73,312 shares in the company, valued at approximately $2,174,433.92. The disclosure for this sale can be found here. Insiders have sold 271,209 shares of company stock worth $6,860,170 in the last ninety days. Insiders own 6.30% of the company’s stock.

A number of brokerages have commented on WATT. ValuEngine raised shares of Energous from a “sell” rating to a “hold” rating in a research report on Wednesday, December 27th. Zacks Investment Research cut shares of Energous from a “hold” rating to a “sell” rating in a research report on Tuesday, November 14th. Finally, Roth Capital set a $45.80 price target on shares of Energous and gave the company a “buy” rating in a research report on Thursday, December 28th. Two equities research 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 a consensus rating of “Hold” and an average target price of $26.27.

The firm has a market cap of $701.29, a price-to-earnings ratio of -7.60 and a beta of 1.89.

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

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nationwide Fund Advisors raised its holdings 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 purchasing an additional 2,216 shares during the period. SG Americas Securities LLC acquired a new position in shares of Energous during the third quarter valued at about $187,000. Frontier Investment Mgmt Co. acquired a new position in shares of Energous during the second quarter valued at about $236,000. The Manufacturers Life Insurance Company raised its holdings in shares of 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 valued at $255,000 after purchasing an additional 3,855 shares during the period. Finally, Westside Investment Management Inc. raised its holdings in shares of Energous by 9.1% during the second quarter. Westside Investment Management Inc. now owns 18,025 shares of the industrial products company’s stock valued at $287,000 after purchasing an additional 1,500 shares during the period. Hedge funds and other 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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