Ondas Holdings Inc. $ONDS Stake Decreased by Heights Capital Management Inc.

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

Other institutional investors and hedge funds have also recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in shares of Ondas during the 4th quarter valued at approximately $235,000. Marshall Wace LLP bought a new position in shares of Ondas during the 4th quarter valued at approximately $831,000. Millennium Management LLC grew its position in shares of Ondas by 150.0% during the 4th quarter. Millennium Management LLC now owns 28,366 shares of the company's stock valued at $73,000 after acquiring an additional 17,021 shares during the period. Summit Trail Advisors LLC bought a new position in shares of Ondas during the 1st quarter valued at approximately $187,000. Finally, Jane Street Group LLC bought a new position in shares of Ondas during the 4th quarter valued at approximately $1,050,000. 37.73% of the stock is owned by institutional investors.

Ondas Price Performance

NASDAQ:ONDS traded down $0.39 during trading hours on Tuesday, hitting $5.48. The stock had a trading volume of 28,999,087 shares, compared to its average volume of 16,646,023. The company has a 50 day simple moving average of $2.90 and a two-hundred day simple moving average of $1.68. Ondas Holdings Inc. has a one year low of $0.57 and a one year high of $6.19. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -10.61 and a beta of 2.40.

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

Analyst Upgrades and Downgrades

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

About Ondas

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.