Did Energous Just Lock In Success of Wireless Charging for 2019?

By Chris Lange Updated Jan 11, 1:11PM EST · Published Dec 28, 10:25AM EST

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Did Energous Just Lock In Success of Wireless Charging for 2019? — © artisteer / iStock

Energous Corp. (NASDAQ: WATT) shares pulled back a little on Friday after making an absolutely massive run on Thursday. Despite the recent gains, the stock is still sharply down for the year.

Just recently, Energous announced the first customer product to receive FCC approval. With this certification, the WattUp-enabled personal sound amplification products (PSAP) from Delight, in partnership with SK Telesys, are now certified to be marketed and sold in the United States.

Stephen R. Rizzone, president and CEO of Energous, added:

FCC approval of the Delight PSAP hearing device is a very significant and positive announcement for Energous in that it represents the first WattUp-enabled consumer product moving into full commercial production, with anticipated availability in Q1. While there have been delays in reaching this point, the customer funnel is robust, and we believe this is the first of many WattUp-enabled consumer electronic products in a number of growing vertical markets that will be going into full production in 2019.

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In just this past week alone, the stock has jumped over 42%. However, in the past 52 weeks the stock is down about 64%.

In the most recent short interest report, the number of Energous shares short totaled 6.49 million, with 11.7 days to cover, compared to 6.61 million in the previous report.

A few analysts weighed in on this stock:

Roth Capital has a Buy rating with a $25 price target.
National Securities has a Buy rating and a $35 price target.
Ladenburg has a Neutral rating with an $8 price target.

Shares of Energous were last seen down about 7% at $6.52, in a 52-week range of $4.41 to $30.56. The consensus analyst price target is $22.50.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.