Energous Corp (NASDAQ:WATT) stock is only for the crazy ones, as it continues a roller-coaster movement that has seen the stock edge out a gain of 5.1% this year. Today, WATT stock is getting hammered, albeit gently, for a stock that traders usually swing violently by the hind legs.

Shares of Energous were chugging along with the rest of the broader market, when suddenly WATT stock took a turn for the worst, dropping more than 5% in the span of minutes. The unlikely culprit? A report published on Seeking Alpha entitled “Energous Corporation: Game Over.”

Certainly, opinionated news like that can’t budge a behemoth like Apple Inc. (NASDAQ:AAPL), but for the $338 million Energous, any news is a vine for stock traders to swing on.

But Seeking Alpha’s report is a doozy, alleging that Energous is in way over its head and WATT stockholders are equally clueless:

“Nonetheless, logic and facts have thus far failed to influence a retail investor base suffering from the most extreme cognitive dissonance we have witnessed since Uni-Pixel or OCZ Technology Group. The WATT bull case has eschewed substance, and instead focused on the “tea leaves” of an Apple iPhone 8 wireless charging design win.”

It wasn’t long ago that WATT stock saw a huge surge based on a speculated partnership with Apple Inc., which SA believes to be the only bull case for Energous — “an iPhone 8 wireless charging design win.”

However, Apple’s latest patent filing are at odds with this. In its more than 16 patent applications for wireless charging, SA notes that Apple is focused on inductive charging, not the RF-based technology used by Energous:

“This novel approach would eliminate today’s wireless charging pads that require devices maintain specific points of contact and orientation. Apple diagrams clearly illustrate how iPhones and iPads will elegantly turn an entire surface into an inductive charging platform.”

Energous’ charging is slightly different, allowing for wire-free charging through the air on any number of devices in the room. The tech in question is also a regulatory hurdle that WATT has yet to pass, as it hasn’t been shown to not be a health detriment.

At any rate, SA’s report rightly concludes that Apple is rarely a first-mover, and that its inductive tech, while in the works for some time, is likely to be revealed alongside the iPhone 8. IDTI, a supplier of inductive wireless charging chips for Apple’s Watch and Samsung Electronics (OTCMKTS:SSNLF), has previously mentioned Apple’s intent to use its own tech for iPhone wireless charging.

The harshest reality, however, is Apple’s dismissal of WATT’s technology as “inefficient” and a health hazard (due to radiation no less) in a 2013 patent application for desktop wireless charging.

Energous stock was down 4.01% as of the close … but I’d expect the WATT stock bulls to continue undeterred for the most part.

$WATT took this pic a few years ago, how I feel today haha. See if you can find me haha

— KizzStock (@KizzStock) Jan. 23 at 01:17 PM

As of this writing, John Kilhefner did not hold a position in any of the aforementioned securities.