Energous (NASDAQ:WATT) shares rose 1.4% to $11.14 in premarket trading on Tuesday, with the wireless power technology company’s analyst consensus price target reported at $26.52 per share.
Seven analysts covering Energous have a consensus recommendation weighted towards buy ratings, according to the supplied data. The $26.52 consensus target remains above the company’s current share price.
The stock moved higher while major US equity index futures traded lower, with the S&P 500 down 0.3%, the Dow Jones declining 0.4% and the Nasdaq slipping 0.3%.
Short Interest at 12.6% of Shares Outstanding
Energous also has a relatively elevated level of short interest.
Approximately 697,846 WATT shares were reported as sold short as of the latest settlement date, representing about 12.6% of shares outstanding.
The days-to-cover ratio stood at approximately 4.1, based on the reported short position and trading volume.
While elevated short interest can affect share-price movements when investors close short positions, it does not establish the cause of Tuesday’s premarket increase.
Shares Remain Below 52-Week High
Energous shares continue to trade below their 52-week high of $36.98. The stock’s 52-week low stands at $3.62.
The company has also reported triple-digit revenue growth in recent quarters and expanded deployments with a Fortune 10 customer, according to the supplied information.
Tuesday’s premarket gain came as investors assessed the analyst consensus valuation, recent company developments and the stock’s existing short-interest position.