WATT - This Penny Stock Is Built on Hype and Broken Promises
Seven years ago, Energous (NASDAQ: WATT) went public and gained a lot of attention with its ambitious wireless charging plans. It claimed to be developing futuristic wireless charging pads that could charge a wide range of devices from up to 15 feet away.
Energous hadn't launched any products or generated any revenue at the time of its IPO, but the hype catapulted the stock from its initial price of $6 to nearly $15 within the first few days.
Energous eventually hit an all-time high north of $23 per share in late 2017, but subsequently collapsed and trades at about $3 per share today. Let's look back to see how a series of exaggerated deals lifted the stock to unsustainable levels, how that house of cards collapsed, and why it's still a risky stock.
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This Penny Stock Is Built on Hype and Broken Promises