Oppenheimer analyst Andrew Uerkwitz reiterated a Hold rating on Energous (WATT) today. The company’s shares opened today at $6.90, close to its 52-week low of $4.41.
Uerkwitz said:
“A significant increase of sales in 4Q did not materialize due to different issues arising from WATT’s two customers. One delayed its payment of a substantial amount of engineering fees due to elongated review process, and another delayed its pre- production and mass production plan due to product revisions. While they remain WATT customers and partners, the delay may again cause concerns over WATT’s ability to monetize its technology in rapidly changing, fiercely competitive end markets. We lower our 2019 revenue estimate to $1M and reiterate our Perform rating.”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 20.1% and a 59.1% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Turtle Beach Corp, and Universal Display.
The word on The Street in general, suggests a Hold analyst consensus rating for Energous.
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The company has a one-year high of $23.01 and a one-year low of $4.41. Currently, Energous has an average volume of 1.7M.
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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.
