WATT - Why Energous Stock Crashed by 33% on Wednesday
2023-08-16 14:54:54 ET
Radio-frequency wireless charging company Energous (NASDAQ: WATT) shorted out on Wednesday, as its stock lost 32.8% of its market capitalization through 1:55 p.m. ET.
Just one week ago, Energous had a bit of an earnings beat when its second-quarter losses of $0.06 per share edged out analyst forecasts for a $0.07 loss pro forma, and revenue grew 21% year over year.
That sounds pretty good, and indeed, Energous stock responded positively to the news at first, gaining 3% after earnings came out. Problem was, it couldn't hold on to those gains, and its stock has been sinking ever since.
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Why Energous Stock Crashed by 33% on Wednesday