Energous Co. (NASDAQ:WATT)’s stock price dropped 9.5% during trading on Thursday . The company traded as low as $1.79 and last traded at $1.80. Approximately 3,914,014 shares were traded during mid-day trading, an increase of 64% from the average daily volume of 2,382,195 shares. The stock had previously closed at $1.99.
Separately, ValuEngine upgraded Energous from a “hold” rating to a “buy” rating in a research note on Thursday.
The stock has a market capitalization of $80.18 million, a P/E ratio of -1.78 and a beta of 3.99. The company has a 50 day moving average of $1.93 and a 200-day moving average of $2.70.
In other news, COO Cesar Johnston sold 13,573 shares of the stock in a transaction that occurred on Monday, November 16th. The stock was sold at an average price of $2.05, for a total transaction of $27,824.65. Following the sale, the chief operating officer now directly owns 379,321 shares in the company, valued at approximately $777,608.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 45,244 shares of company stock valued at $95,507. 5.10% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. RMR Wealth Builders bought a new position in shares of Energous during the second quarter worth about $25,000. Schonfeld Strategic Advisors LLC bought a new stake in Energous in the 2nd quarter valued at about $192,000. Cambridge Investment Research Advisors Inc. grew its position in Energous by 236.4% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 58,455 shares of the industrial products company’s stock worth $172,000 after purchasing an additional 41,078 shares during the last quarter. BlackRock Inc. grew its position in Energous by 8.0% in the 3rd quarter. BlackRock Inc. now owns 769,169 shares of the industrial products company’s stock worth $2,269,000 after purchasing an additional 56,701 shares during the last quarter. Finally, First Allied Advisory Services Inc. acquired a new stake in shares of Energous in the third quarter valued at approximately $41,000. 10.46% of the stock is owned by institutional investors.
About Energous (NASDAQ:WATT)
Energous Corporation develops wire-free charging solutions. The company develops WattUp wireless power technology that consists of semiconductor chipsets, software controls, hardware designs, and antennas that enables radio frequency based wire-free charging for electronic devices. It has a strategic partnership with Xentris Wireless to develop ruggedized products for military applications using the company's radio frequency based charging technology.
Further Reading: Fundamental Analysis and Individual Investors
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