Energous (NASDAQ:WATT) Releases Quarterly Earnings Results, Misses Estimates By $0.31 EPS

Key Points

• Energous reported a quarterly loss of $0.53 per share, missing analysts’ estimate of a $0.22 loss by $0.31. Revenue was $3.09 million, below expectations of $3.40 million.
• Shares fell $1.68 to $16.98 in mid-day trading, with the stock remaining well below its 52-week high of $36.98. The company has a negative net margin and return on equity.
• CEO Mallorie Sara Burak increased her holdings by 7.43% through an insider purchase, while Armistice Capital acquired an 8.53% stake. Analyst sentiment remains cautious, with a consensus rating of “Reduce”.

Energous (NASDAQ:WATT - Get Free Report) posted its quarterly earnings data on Wednesday. The industrial products company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.31), FiscalAI reports. Energous had a negative return on equity of 39.80% and a negative net margin of 0.80%.The business had revenue of $3.09 million during the quarter, compared to analysts' expectations of $3.40 million.

Energous Stock Performance

Energous stock traded down $1.68 during mid-day trading on Wednesday, hitting $16.98. 383,589 shares of the company traded hands, compared to its average volume of 383,917. Energous has a one year low of $3.62 and a one year high of $36.98. The stock has a market cap of $93.39 million, a price-to-earnings ratio of -4.14 and a beta of 1.58. The stock has a fifty day moving average price of $20.35 and a 200-day moving average price of $18.58.

Insider Buying and Selling at Energous

In related news, CEO Mallorie Sara Burak acquired 1,867 shares of the company's stock in a transaction dated Wednesday, May 27th. The stock was bought at an average cost of $26.47 per share, with a total value of $49,419.49. Following the acquisition, the chief executive officer owned 26,999 shares of the company's stock, valued at approximately $714,663.53. The trade was a 7.43% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.16% of the company's stock.

Institutional Investors Weigh In On Energous

A hedge fund recently bought a new stake in Energous stock. Armistice Capital LLC bought a new position in Energous Corporation (NASDAQ:WATT - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 155,636 shares of the industrial products company's stock, valued at approximately $1,202,000. Armistice Capital LLC owned about 8.53% of Energous at the end of the most recent reporting period. Institutional investors own 4.35% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Energous in a report on Friday, July 24th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce".

About Energous

Energous Corporation develops and commercializes radio frequency (RF)–based wireless charging technology designed to deliver power over the air to compatible devices. Its WattUp platform includes near‐field and far‐field transmitters that emit targeted RF energy and receiver modules that convert that energy into electrical power. The company's solutions aim to eliminate the need for cables and charging pads by enabling contactless power delivery to a range of products, from wearables and IoT sensors to medical devices and consumer electronics.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source