What Made Energous a Breakout Stock?

By Chris Lange Updated Apr 22, 11:25AM EDT · Published Apr 21, 12:39PM EDT

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What Made Energous a Breakout Stock? — © Thinkstock

Energous Corp. (NASDAQ: WATT) shares more than tripled on Tuesday after the company announced a huge update regarding the Federal Communications Commission (FCC).

Essentially, the company announced that it has received an FCC certification under Part 18 for its new advanced WattUp over-the-air wireless charging transmitter.

The new transmitter is based on a single advanced antenna and newly developed chip components with an innovative system architecture, which eliminates the use of beamforming techniques while passing applicable FCC regulatory health and safety standards.

Ultimately, the new technology is expected to make it easier for consumer electronic, medical, industrial and automotive manufactures to integrate the WattUp technology based on its simplified design, smaller footprint and reduced cost.

Stephen R. Rizzone, president and CEO of Energous, commented:

We are extremely excited to have received FCC certification for our new, revolutionary over-the-air wireless charging technology. It was developed to meet the specific requirements from manufacturers looking to embed the WattUp wireless distance technology into devices such as smart speakers, access points, gaming consoles and other small form factor product applications to provide over-the air charging to smartwatches, fitness bands, smart glasses, sensors and other devices. This announcement and the WattUp-enabled distance charging products that we anticipate will follow from it will truly differentiate Energous from our competitors, furthering our position as the market leader and trailblazer for next generation wireless charging 2.0.

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Energous stock traded up about 220% on Tuesday, at $3.33 in a 52-week range of $0.61 to $5.38. The consensus price target is $6.00.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.