In a report released today, Andrew Uerkwitz from Oppenheimer maintained a Hold rating on Energous (NASDAQ: WATT). The company’s shares closed yesterday at $8.79, close to its 52-week low of $6.91.
Uerkwitz said:
“Energous printed another quiet routine quarter except it wasn’t. It started out benign: little revenue, initial customer shipments, increased patent portfolio, and secured additional regulatory approval. Large deals and mass markets remain elusive. However, management indicated that revenue ramp will commence in 4Q18 and stood by its 2019 cash flow break-even expectations. Without giving much detail, management indicated its relationship with its tier one customer went “to a new level”. Additionally, it indicated significant shipments in 2019 with other tier one customers. We may be on the cusp of a significant inflection, but without more clarity, we remain sidelined and maintain a conservative model.”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 20.4% and a 58.5% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Himax Technologies, and Turtle Beach Corp.
Currently, the analyst consensus on Energous is a Moderate Buy with an average price target of $29.75.
See today’s analyst top recommended stocks >>
Based on Energous’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $12.3 million. In comparison, last year the company had a GAAP net loss of $12.75 million.
Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WATT in relation to earlier this year. Last month, Stephen Rizzone, the CEO & President of WATT bought 200,141 shares for a total of $336,237.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Energous Corp. engages in the development of technology that enables wireless charging for electronic devices. It focuses on their product, WattUp, a wire-free charging technology that will transform the way consumers and industries charge and power electronic devices at home, in the office and car.
