Energous stock plunges to 52-week low, hits $0.3

Energous Corporation (NASDAQ:WATT), a pioneer in wireless charging technology, has seen its stock price plummet to a 52-week low, touching down at just $0.3. According to InvestingPro data, technical indicators suggest the stock is in oversold territory, with a market capitalization now at just $2.72 million. This significant drop reflects a challenging year for the company, with the stock experiencing a precipitous decline of -84.92% over the past year. While the company maintains more cash than debt on its balance sheet, revenue has declined by 23.3% with concerning gross margins of -26.65%. Investors have been wary as Energous continues to navigate through a competitive market, grappling with both technological hurdles and a pressing need for widespread adoption of its wireless charging solutions. The 52-week low serves as a stark indicator of the market's current sentiment towards the company's prospects and underscores the urgency for Energous to demonstrate tangible progress and potential for recovery. InvestingPro subscribers can access 20+ additional insights and a comprehensive Pro Research Report that provides deep-dive analysis of WATT's financial health and future prospects.

In other recent news, Energous Corporation faces potential delisting from the Nasdaq due to equity shortfall, as it failed to meet the minimum stockholders' equity threshold. The company has until January 20, 2025, to demonstrate compliance with this requirement. Energous also received a notice for non-compliance with Nasdaq's minimum bid price requirement and is considering measures to meet this requirement.

Despite these challenges, Energous announced significant advancements in its operations. The company has initiated a project with a Fortune 10 multinational retailer to modernize infrastructure across its retail locations and is set to ship more than 1,500 of its 2W PowerBridge transmitter systems by year-end. Analysts from InvestingPro project substantial sales growth for Energous this year.

In addition to these developments, Energous has appointed Mallorie Burak as the permanent CEO, while she continues to fulfill her CFO duties. The company has also secured FCC (BME:FCC) certification for its 2W PowerBridge transmitter system and formed strategic partnerships with Annukin, Ecobyte, and Peak Technologies. On the analyst front, Roth/MKM maintained its Buy rating on Energous, albeit with a reduced price target, and Ladenburg Thalmann downgraded Energous from Buy to Neutral. These are the recent developments at Energous Corporation.

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