The Energous Corp. (WATT) Upgraded to Buy at Zacks Investment Research

The Energous Corp. (WATT) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Energous Corp. (NASDAQ:WATT) from a hold rating to a buy rating in a report released on Wednesday. The firm currently has $18.00 price target on the stock.

According to Zacks, “Energous Corporation is a developer of a disruptive wire-free charging technology. It solutions enables wireless charging or powering of electronic devices at distance. The wireless charging solution, it is developing employs three dimensional (3D) pocketforming. Energous Corporation is headquartered in Pleasanton, California. “

Separately, Oppenheimer Holdings Inc. reiterated an outperform rating and set a $15.00 price target (up from $13.00) on shares of Energous Corp. in a research note on Tuesday, August 16th. Five analysts have rated the stock with a buy rating, The stock currently has an average rating of Buy and a consensus price target of $14.75.

Energous Corp. (NASDAQ:WATT) traded down 0.822% during mid-day trading on Wednesday, reaching $15.799. 112,611 shares of the company’s stock were exchanged. The stock’s market capitalization is $269.26 million. Energous Corp. has a 1-year low of $3.65 and a 1-year high of $20.13. The firm’s 50-day moving average is $17.66 and its 200 day moving average is $13.05.

Energous Corp. (NASDAQ:WATT) last issued its quarterly earnings results on Tuesday, August 9th. The company reported ($0.62) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.62). Analysts forecast that Energous Corp. will post ($1.95) earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in WATT. Hood River Capital Management LLC bought a new stake in Energous Corp. during the second quarter worth approximately $7,732,000. Vanguard Group Inc. increased its stake in Energous Corp. by 12.1% in the second quarter. Vanguard Group Inc. now owns 504,743 shares of the company’s stock worth $6,537,000 after buying an additional 54,470 shares in the last quarter. BlackRock Fund Advisors increased its stake in Energous Corp. by 1,054.0% in the second quarter. BlackRock Fund Advisors now owns 384,780 shares of the company’s stock worth $4,983,000 after buying an additional 351,438 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Energous Corp. by 115.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 309,342 shares of the company’s stock worth $4,006,000 after buying an additional 166,037 shares in the last quarter. Finally, State Street Corp increased its stake in Energous Corp. by 1,021.8% in the second quarter. State Street Corp now owns 178,364 shares of the company’s stock worth $2,310,000 after buying an additional 162,464 shares in the last quarter. 24.25% of the stock is currently owned by hedge funds and other institutional investors.

About Energous Corp.

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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