Oppenheimer Keeps a Hold Rating on Energous

In a report released yesterday, Andrew Uerkwitz from Oppenheimer maintained a Hold rating on Energous (NASDAQ: WATT). The company’s shares closed yesterday at $17.67.

Uerkwitz commented:

“Energous reported another mixed bag. On the one hand, many milestones continue to be passed: international certifications, additional FCC approvals, and more pre- production samples shipped. On the other hand, revenue growth remains elusive. Last quarter we wrote the focus will be on customer ramp. Here the update is that near-term customers are facing delays, larger long-term customers remain on track. Management remains confident in both its technology moat and the goal to break even in 2019. As we said before, execution is the key from this point on; the company has cash, approvals, and early customer wins. Remain sidelined until we get more confident on material product ramps.”

According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 13.7% and a 60.9% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Himax Technologies, and Turtle Beach Corp.

Energous has an analyst consensus of Moderate Buy, with a price target consensus of $45.80.

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Based on Energous’ latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $29.14K and GAAP net loss of $11.24 million. In comparison, last year the company earned revenue of $575.4K and had a GAAP net loss of $12.47 million.

Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2018, Michael Aaron Leabman, a Director at WATT sold 100,000 shares for a total of $2,195,440.

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Energous Corp. is a development stage company, which engages in the development of technology that enables wireless charging for electronic devices. It focuses on their product, WattUp, a wire-free charging technology. The company was founded by Michael Leabman on October 30, 2012 and is headquartered in San Jose, CA.