Apple Rumors Spark Big Session for Energous Corp (Watt)

Energous Corp (NASDAQ:WATT) is soaring on speculation of a possible partnership with Apple Inc. (NASDAQ:AAPL)

by Karee Venema

Published on Jan 29, 2016 at 2:27 PM
Updated on Jun 24, 2020 at 10:16 AM

It's been quite a roller-coaster week for tech stocks, amid mixed reactions to earnings from such high-profile names such as Facebook Inc (NASDAQ:FB) and Amazon.com, Inc. (NASDAQ:AMZN). Under-the-radar tech firm Energous Corp (NASDAQ:WATT) is set to end the week on a strong note, up 29.6% today at $6.17, amid speculation the company is partnering up with Apple Inc. (NASDAQ:AAPL) -- which unveiled its own quarterly earnings report last Tuesday -- to develop wireless charging technology.

This surge is much-needed for a stock that's still staring at a 34.3% year-over-year deficit. What's more, the shares' most recent rally attempts were quickly halted by their 320-day moving average. Today, meanwhile, it's the $7 region that's containing the stock's AAPL-induced pop -- an area that supported WATT in November and December 2015.

On the sentiment front, short interest jumped 16.4% in the latest reporting period, and now accounts for 11.4% of WATT's available float. This equates to 1.2 million shorted shares -- the highest amount on record.

Elsewhere on Wall Street, analysts are extremely optimistic about Energous Corp (NASDAQ:WATT). In fact, all four brokerages covering the stock believe it's a "strong buy," while the average 12-month price target of $16.40 towers well above the equity's March 10 annual high of $12 -- and is four cents shy of WATT's April 2014 all-time high.

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