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Summary
- Stocks of tech company Energous Corporation (NASDAQ:WATT, WATT:US) are on the rise, noting a spike of about 36 per cent as of 10.45AM EST on Friday morning.
- There is no corporate or business related update from the company itself as of now.
- Energous is currently working on a technology, dubbed as ‘WattUp’, that is aimed at enabling radio frequency-based, wireless charging for electronic devices.
Stocks of tech company Energous Corporation (NASDAQ:WATT, WATT:US) are on the rise, noting a spike of about 36 per cent as of 10.45AM EST on Friday morning, February 19. This jump comes a day after the tech stock had dwindled by nearly eight per cent on Thursday.
Energous, based in San Jose, California, delves in the design and development of wireless power and wireless charging. Let’s dive in to find out the possible reasons that could have coaxed Energous’ latest stock price rise.
Energous Corporation (NASDAQ:WATT, WATT:US)
Energous stocks currently record a growth of nearly 182 per cent year-to-date (YTD) and of about 52 per cent for February. In the last one year, the tech stock has roughly gained 167 per cent.
©Kalkine Group 2021
While there is no corporate or business related update from the company itself as of now, Energous’ latest stock price surge comes a day after reports on Apple Inc (NASDAQ:APPL, APPL:US) developing a magnetic battery pack for its newest iPhone devices.
The reports claimed that this magnetically attached battery case would have the capability of wirelessly charging iPhone handsets, a project that Apple is said to have been working on at least a year.
Incidentally, Energous is also currently working on a technology, dubbed as ‘WattUp’, that is aimed at enabling radio frequency-based, wireless charging for electronic devices. The company believes that this scalable technology can be used to charge a host of gadgets, ranging from smartphones, tablets, to rechargeable lights and batteries, via both contact-based as well as over-the-air wireless medium.
Some reports speculate that the rumors about an Apple wireless battery pack may have coaxed a spike for Energous stocks presently.
Energous’ latest stock price jump also comes roughly a week ahead of its financial results announcement. The wireless charging specialist had revealed earlier this month that it would be declaring the results of Q4 2020 and full-year 2020 on February 25.
