Lake Street Capital Raises Ondas (NASDAQ:ONDS) Price Target to $8.00

Key Points

• Lake Street Capital has raised its price target for Ondas (NASDAQ:ONDS) from $5.00 to $8.00, indicating a potential upside of 25.49% based on the stock's previous close.
• Ondas reported earnings of ($0.08) per share, which exceeded analysts' estimates, and generated $6.27 million in revenue, surpassing expectations of $4.97 million.
• Following various analyst ratings, Ondas currently holds a consensus rating of "Buy" with an average price target of $5.67.

Ondas (NASDAQ:ONDS - Get Free Report) had its target price lifted by stock analysts at Lake Street Capital from $5.00 to $8.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Lake Street Capital's price objective would indicate a potential upside of 25.49% from the company's previous close.

ONDS has been the topic of a number of other reports. Needham & Company LLC started coverage on shares of Ondas in a research note on Tuesday, August 19th. They issued a "buy" rating and a $5.00 price objective on the stock. Wall Street Zen upgraded shares of Ondas from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $5.67.

Ondas Trading Down 0.7%

Shares of NASDAQ:ONDS traded down $0.05 on Friday, reaching $6.38. 11,265,641 shares of the company were exchanged, compared to its average volume of 18,087,441. Ondas has a 1-year low of $0.57 and a 1-year high of $6.59. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -12.23 and a beta of 2.42. The company has a 50-day moving average of $3.51 and a 200-day moving average of $1.91.

Ondas (NASDAQ:ONDS - Get Free Report) last posted its quarterly 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 business had revenue of $6.27 million for the quarter, compared to analysts' expectations of $4.97 million. Ondas had a negative net margin of 300.11% and a negative return on equity of 130.48%. As a group, analysts forecast that Ondas will post -0.53 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. lifted its holdings in shares of Ondas by 154.9% during the 2nd quarter. SBI Securities Co. Ltd. now owns 16,299 shares of the company's stock worth $31,000 after acquiring an additional 9,904 shares during the period. Two Sigma Investments LP acquired a new stake in Ondas during the 4th quarter worth approximately $31,000. Millennium Management LLC grew its position in Ondas by 150.0% in the fourth 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 in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in Ondas in the fourth quarter valued at approximately $46,000. Finally, Penbrook Management LLC acquired a new stake in Ondas in the second quarter valued at approximately $35,000. 37.73% of the stock is currently owned by hedge funds and other institutional investors.

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.

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