Earlier in the day we reported on the news that Apple may be readying wireless charging technology for both their iPhones and iPads for a relase date sometime in 2017. While this is good news for Apple, it’s better news to whatever company will be supplying the technology necessary for this new feature, and investors seem to believe that this company is Energous Corp (NASDAQ:WATT).
Shares of Energous Corp (NASDAQ:WATT) are trading up over 38% today after rumors of a possible Apple tie-up with the company for this technology began to spread. Shares started trading this morning at around $5.50 before spiking as high as $6.88, and then pulling back only slightly. Volume for the day is already 400% higher than the average trading day as investors speculate on the possibilities.
The stock is currently trading higher by 38.66% or $1.84 following the positive news, hitting $6.6 per share at the time of us publishing this article. About 1.16M shares traded hands or up 231.83% from the average. WATT has declined 42.93% since June 24, 2015 and is currently downtrending. It has underperformed the S&P500 by 34.06%.
From a total of 2 analysts covering Energous Corp (NASDAQ:WATT) stock, 2 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $14 while the lowest target price is $7.75. The mean of all analyst targets is $11.58 which is 75.45% above today’s ($6.6) stock price. Energous Corp was the topic of 4 analyst reports since August 14, 2015 according to the firm StockzIntelligence Inc. Ladenburg Thalmann initiated shares on December 7 with a “Buy” rating. Zacks upgraded WATT stock in a recent report from August 14 to a “Hold” rating.
The institutional sentiment increased to 1.36 in Q2 2015. It’s up 0.15, from 1.21 in 2015Q2. The ratio is positive, as 5 funds sold all their Energous Corp shares they owned while 6 reduced their positions. 6 funds bought stakes while 9 increased their total positions. Institutions now own 6.84 million shares which is 211.30% more than the previous share count of 2.20 million in 2015Q2.
Doheny Asset Management Ca holds 3.1% of its total portfolio in Energous Corp, equating to 868,025 shares. Awm Investment Company Inc. owns 853,477 shares representing 1.14% of their total US portfolio. Moreover, Turner Investments L.P. has 0.18% of their total portfolio invested in the company, equating to 129,530 shares. The Texas-based Usca Ria Llc has a total of 0.06% of their portfolio invested in the stock. Private Wealth Partners Llc, a California-based fund reported 18,000 shares owned.
Since April 1, 2015, the stock had 0 buys, and 2 selling transactions for a total of $363,750 in net activity. Tamkin Gregory S sold 25,000 shares worth $187,500. Johnston Cesar sold 9,450 shares worth $79,002. Holmes George B sold 34 shares worth $251. Leabman Michael Aaron sold 24 shares worth $178. The insider Rizzone Stephen R sold 217 shares worth $1,606.
Energous Corporation is a development-stage company. The company has a market cap of $104.04 million. The Firm is developing technology that can enable wire-free charging for electronic devices that provides power at a distance with mobility under software control. It currently has negative earnings. The Firm offers WattUp technology solution, which consists of transmitter and receiver application specific integrated circuits and antenna creates driven through algorithms and software applications.