After soaring an incredible 168% after receiving FCC certification for a new wireless-charging technology on Wednesday, shares of Energous Corporation (NASDAQ:WATT) were up another 38% as of 11:30 a.m. EST Thursday as analysts on Wall Street began to chime in with their thoughts.
More specifically, Roth Capital analyst William Gibson today reiterated his "buy" rating on Energous stock, and more than doubled his per-share price target to $45.80 from $22.80 previously. Shares are trading at just under $33 as of this writing.
IMAGE SOURCE: Energous.
According to a note to clients obtained by Barron's, Gibson argued that with the new FCC certification of Energous' first-of-its-kind WattUp technology -- which can wirelessly charge or power devices using radio frequencies from up to three feet away -- "it is all about execution and the number of devices using WattUp chips in 2018 and 2019."
With the help of manufacturing partner Dialog Semiconductor, Gibson believes WattUp will begin appearing in shipped products starting in the first quarter of 2018, generating revenue of roughly $100,000 in the process.
Gibson also predicted Energous' momentum should only accelerate from there, with revenue soaring to $2.1 million in the second quarter, nearly $23 million for the full-year 2018, and $169 million in 2019.
So while Energous is still operating in the red -- it incurred a net loss of $12.7 million last quarter on revenue of just $250,000, with the latter solely generated by engineering services -- it stands to reason that profits should follow as its core business begins to ramp. As such, it's hard to blame the market for bidding up Energous stock yet again today.