GatePass Capital LLC Invests $1.82 Million in Energous Corporation $WATT

Key Points

• GatePass Capital LLC opened a new position in Energous during the first quarter, buying 116,000 shares worth about $1.82 million. The stake represents roughly 0.8% of GatePass’s portfolio and 2.11% of Energous.
• Several other hedge funds also increased or initiated positions in the company, including Geode Capital Management, Flagship Harbor Advisors, and AIGH Capital Management. Institutional investors and hedge funds now own 4.35% of Energous shares.
• CEO Mallorie Sara Burak bought 1,867 shares in late May, increasing her ownership by 7.43%. Meanwhile, analyst sentiment remains cautious, with an average rating of "Reduce" and the stock trading down slightly on the day.

GatePass Capital LLC bought a new position in Energous Corporation (NASDAQ:WATT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 116,000 shares of the industrial products company's stock, valued at approximately $1,820,000. Energous comprises about 0.8% of GatePass Capital LLC's investment portfolio, making the stock its 25th biggest holding. GatePass Capital LLC owned 2.11% of Energous at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC boosted its position in Energous by 85.4% in the fourth quarter. Geode Capital Management LLC now owns 18,713 shares of the industrial products company's stock valued at $75,000 after buying an additional 8,619 shares in the last quarter. Flagship Harbor Advisors LLC raised its stake in shares of Energous by 82.2% in the fourth quarter. Flagship Harbor Advisors LLC now owns 20,503 shares of the industrial products company's stock valued at $82,000 after acquiring an additional 9,250 shares during the last quarter. 3Chopt Investment Partners LLC bought a new position in shares of Energous in the first quarter valued at approximately $282,000. Armistice Capital LLC acquired a new position in shares of Energous in the 3rd quarter worth approximately $1,202,000. Finally, AIGH Capital Management LLC bought a new stake in Energous during the 1st quarter worth approximately $3,373,000. Institutional investors and hedge funds own 4.35% of the company's stock.

Insider Activity

In other news, CEO Mallorie Sara Burak acquired 1,867 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was acquired at an average price of $26.47 per share, for a total transaction of $49,419.49. Following the transaction, the chief executive officer directly owned 26,999 shares in the company, valued at approximately $714,663.53. This represents a 7.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.16% of the stock is owned by company insiders.

Energous Trading Down 0.4%

NASDAQ:WATT opened at $15.10 on Friday. Energous Corporation has a 1-year low of $3.62 and a 1-year high of $36.98. The business's 50-day moving average price is $24.06 and its two-hundred day moving average price is $17.18. The firm has a market capitalization of $83.05 million, a price-to-earnings ratio of -3.68 and a beta of 1.54.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on WATT. Zacks Research upgraded Energous to a "hold" rating in a research note on Friday, March 27th. Weiss Ratings downgraded shares of Energous from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average 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.

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