Energous (WATT) Shares Gap Down on Insider Selling

Energous Corporation (NASDAQ:WATT)’s share price gapped down prior to trading 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.

Specifically, VP Neeraj Sahejpal sold 2,846 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $9.35, for a total transaction of $26,610.10. Following the sale, the vice president now directly owns 89,123 shares in the company, valued at approximately $833,300.05. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael Aaron Leabman sold 29,610 shares of the stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $20.57, for a total value of $609,077.70. Following the sale, the insider now owns 152,279 shares in the company, valued at $3,132,379.03. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 271,209 shares of company stock valued at $6,860,170. 6.30% of the stock is owned by corporate insiders.

Several analysts have commented on WATT shares. ValuEngine upgraded Energous from a “strong sell” rating to a “sell” rating in a research note on Tuesday, November 14th. Zacks Investment Research downgraded Energous from a “hold” rating to a “sell” rating in a research note on Tuesday, November 14th. Finally, Roth Capital set a $45.80 price target on Energous and gave the stock a “buy” rating in a research note 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 issued a buy rating to the company. Energous currently has a consensus rating of “Hold” and an average target price of $26.27.

The stock has a market capitalization of $432.06, a P/E ratio of -7.57 and a beta of 1.91.

Energous (NASDAQ:WATT) last released its quarterly earnings results on Wednesday, November 8th. The industrial products company reported ($0.58) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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%. equities research analysts predict that Energous Corporation will post -2.18 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the company. Robecosam AG purchased a new position in Energous during the second quarter valued at $1,645,000. Vanguard Group Inc. lifted its position in Energous by 12.0% during the second quarter. Vanguard Group Inc. now owns 708,654 shares of the industrial products company’s stock valued at $11,523,000 after purchasing an additional 75,862 shares in the last quarter. Northern Trust Corp lifted its position in Energous by 27.8% during the second quarter. Northern Trust Corp now owns 215,155 shares of the industrial products company’s stock valued at $3,498,000 after purchasing an additional 46,799 shares in the last quarter. Wells Fargo & Company MN lifted its position in Energous by 223.0% during the third quarter. Wells Fargo & Company MN now owns 63,637 shares of the industrial products company’s stock valued at $806,000 after purchasing an additional 43,937 shares in the last quarter. Finally, Hood River Capital Management LLC lifted its position in Energous by 2.3% during the second quarter. Hood River Capital Management LLC now owns 1,334,815 shares of the industrial products company’s stock valued at $21,704,000 after purchasing an additional 30,400 shares in the last quarter. Hedge funds and other institutional investors own 38.97% of the company’s stock.

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About Energous

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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