Heights Capital Management Inc. Lowers Stake in Ondas Holdings Inc. $ONDS

Key Points

• Heights Capital Management Inc. reduced its stake in Ondas Holdings Inc. by 6.6%, selling 316,853 shares and now holding 4,494,501 shares, representing 2.4% of its portfolio.
• Ondas reported a revenue of $6.27 million for the last quarter, exceeding the consensus estimate of $4.97 million, while the company posted a negative EPS of ($0.08), beating analyst expectations.
• Several analysts have upgraded Ondas Holdings, with a recent report increasing the price target to $5.00, reflecting a positive outlook for the stock which currently holds a "Buy" rating.

Heights Capital Management Inc. lessened its stake in Ondas Holdings Inc. (NASDAQ:ONDS - Free Report) by 6.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,494,501 shares of the company's stock after selling 316,853 shares during the quarter. Ondas comprises about 2.4% of Heights Capital Management Inc.'s investment portfolio, making the stock its 8th largest holding. Heights Capital Management Inc. owned about 3.37% of Ondas worth $4,809,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its stake in Ondas by 119.2% in the fourth quarter. Wells Fargo & Company MN now owns 11,400 shares of the company's stock valued at $29,000 after acquiring an additional 6,200 shares during the period. Two Sigma Investments LP acquired a new position in shares of Ondas during the fourth quarter worth about $31,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Ondas during the fourth quarter worth about $46,000. Squarepoint Ops LLC acquired a new position in shares of Ondas during the fourth quarter worth about $48,000. Finally, Captrust Financial Advisors acquired a new position in shares of Ondas during the fourth quarter worth about $72,000. 37.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ONDS has been the subject of several recent research reports. Lake Street Capital increased their price target on Ondas from $2.50 to $5.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Wall Street Zen upgraded Ondas from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Needham & Company LLC began coverage on Ondas in a research note on Tuesday, August 19th. They issued a "buy" rating and a $5.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Ondas has a consensus rating of "Buy" and a consensus price target of $4.67.

Ondas Trading Up 2.8%

NASDAQ:ONDS traded up $0.16 on Friday, hitting $5.86. The company's stock had a trading volume of 55,494,842 shares, compared to its average volume of 47,680,468. The stock has a fifty day moving average of $2.81 and a two-hundred day moving average of $1.66. The firm has a market capitalization of $1.28 billion, a P/E ratio of -11.27 and a beta of 2.29. Ondas Holdings Inc. has a one year low of $0.57 and a one year high of $6.19.

Ondas (NASDAQ:ONDS - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.11) by $0.03. The company had revenue of $6.27 million for the quarter, compared to analyst estimates of $4.97 million. Ondas had a negative return on equity of 130.48% and a negative net margin of 300.11%. As a group, sell-side analysts anticipate that Ondas Holdings Inc. will post -0.53 EPS for the current year.

Ondas Company Profile

Ondas Holdings Inc, through its subsidiaries, provides private wireless, drone, and automated data solutions. It operates in two segments, Ondas Networks and Ondas Autonomous Systems. The company designs, develops, manufactures, sells, and supports FullMAX, a software defined radio (SDR) platform for wide-area broadband networks.