Home Top Movers Why Energous Corporation (WATT) stock is Popping High Today?

Why Energous Corporation (WATT) stock is Popping High Today?

Shares of Energous Corporation (WATT) stock were popping high today on June 9, 2021, following the news that WATT stock has issued inducement restricted stock units (“RSUs”) to one new non-executive employee and achieved the industry’s first interoperability for radio frequency (RF) energy harvesting technology. WATT stock price saw a push of 18.73% to reach $3.54 a share as of this writing. Energous Corporation is a wire-free charging solution provider company based in San Jose, California. Let’s check out more about WATT stock.

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What’s Happening?

On May 13, 2021, WATT stock issued RSUs to the one new non-executive employee that covered 7000 shares of the common WATT stock under the Energous Corporation’s Equity Inducement plan of 2017. The full grant of RSUs completes in four years upon which 25% RSU grant is given to the employees on the first anniversary of his/her hiring date and the rest of the grant completes in 12 equal installments depending on continued service through each applicable vesting date.

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The second recent news related to WATT stock is its achievement of obtaining interoperability for radio frequency (RF) energy harvesting technology. Energous’ WattUp RF-based wireless charging technology and Atmosic’s M3 Series chipset are combined through interoperability and this combination results up to two meters away wireless charging for various applications in industrial, consumer, and retail markets.

Financial View of WATT stock

According to first-quarter financial results, WATT stock generated  $145,065 in the first three months of 2021 and spent $8.7 million in operating expenses out of which $4.1 used in selling, general and administrative expenses by WATT stock and the rest of the amount used for research and development expenses. The net loss for Energous stock in the first quarter was $8.5 million, or $0.14 per basic and diluted share, and  $6.3 million Adjusted EBIDTA loss was reported.

As of March 31, 2021, WATT stock had cash and cash equivalents of $44.8 million and the stock was free from debt at that time.

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Conclusion

Couple of recent announcements by WATT stock has captivated the attention of investors. Investors having long-term prospects don’t take such rises and falls seriously rather they focus on the stock’s fundamentals, balance sheet, previous developments, and future growth before making any decision.

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