Energous Corp (NASDAQ:WATT) Sees Significant Drop in Short Interest

Energous Corp (NASDAQ:WATT) was the target of a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 6,859,600 shares, a decline of 5.1% from the May 15th total of 7,228,700 shares. Approximately 35.1% of the shares of the company are short sold. Based on an average daily volume of 474,300 shares, the days-to-cover ratio is presently 14.5 days.

In other news, CFO Brian J. Sereda sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $4.51, for a total value of $90,200.00. Following the sale, the chief financial officer now owns 169,499 shares of the company’s stock, valued at approximately $764,440.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian J. Sereda sold 15,300 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $4.59, for a total value of $70,227.00. Following the sale, the insider now directly owns 139,699 shares in the company, valued at $641,218.41. The disclosure for this sale can be found here. Insiders have sold a total of 42,879 shares of company stock valued at $194,681 in the last 90 days. Insiders own 7.00% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. grew its position in Energous by 13.6% during the 1st quarter. Oppenheimer & Co. Inc. now owns 27,434 shares of the industrial products company’s stock worth $174,000 after acquiring an additional 3,280 shares during the last quarter. Bank of New York Mellon Corp grew its position in Energous by 5.5% during the 4th quarter. Bank of New York Mellon Corp now owns 71,653 shares of the industrial products company’s stock worth $414,000 after acquiring an additional 3,758 shares during the last quarter. SG Americas Securities LLC grew its position in Energous by 3.3% during the 1st quarter. SG Americas Securities LLC now owns 241,303 shares of the industrial products company’s stock worth $1,530,000 after acquiring an additional 7,623 shares during the last quarter. Rhumbline Advisers grew its position in Energous by 45.8% during the 4th quarter. Rhumbline Advisers now owns 30,324 shares of the industrial products company’s stock worth $176,000 after acquiring an additional 9,524 shares during the last quarter. Finally, FNY Investment Advisers LLC boosted its position in Energous by 285.7% in the 1st quarter. FNY Investment Advisers LLC now owns 13,500 shares of the industrial products company’s stock valued at $85,000 after buying an additional 10,000 shares during the last quarter. Institutional investors own 25.07% of the company’s stock.

Shares of NASDAQ:WATT traded down $0.14 on Friday, reaching $4.20. The company had a trading volume of 352,662 shares, compared to its average volume of 279,040. Energous has a twelve month low of $3.86 and a twelve month high of $15.46. The stock has a market cap of $127.77 million, a PE ratio of -2.11 and a beta of 1.79. The company has a 50-day moving average of $4.27.

Energous (NASDAQ:WATT) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.08. Energous had a negative return on equity of 169.14% and a negative net margin of 8,692.28%. The business had revenue of $0.07 million during the quarter, compared to analysts’ expectations of $0.10 million. As a group, sell-side analysts predict that Energous will post -1.49 EPS for the current fiscal year.

A number of research analysts have recently weighed in on WATT shares. LADENBURG THALM/SH SH upgraded Energous from a “neutral” rating to a “buy” rating and set a $6.50 price target on the stock in a report on Wednesday, May 1st. Zacks Investment Research downgraded Zafgen from a “buy” rating to a “hold” rating in a report on Saturday. Roth Capital lifted their price target on Etsy from $72.00 to $76.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Finally, ValuEngine downgraded Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $14.86.

About Energous

Energous Corporation develops wire-free charging solutions. The company develops WattUp wireless power technology that consists of semiconductor chipsets, software controls, hardware designs, and antennas that enables radio frequency based wire-free charging for electronic devices. It has a collaboration with vivo Global to explore integrating WattUp into smartphone designs that charge wirelessly over-the-air.

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