Ondas Holdings Inc. (NASDAQ:ONDS) Sees Significant Drop in Short Interest

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) saw a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 6,160,000 shares, a drop of 29.1% from the May 15th total of 8,690,000 shares. Based on an average daily volume of 11,880,000 shares, the days-to-cover ratio is presently 0.5 days. Currently, 9.3% of the company's shares are sold short.

Ondas Trading Up 1.9%

Ondas stock traded up $0.03 during trading hours on Friday, reaching $1.58. The company had a trading volume of 14,301,363 shares, compared to its average volume of 5,425,665. The firm has a market cap of $283.70 million, a price-to-earnings ratio of -2.72 and a beta of 2.13. Ondas has a 12-month low of $0.54 and a 12-month high of $3.40. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.86 and a quick ratio of 0.65. The company has a 50-day moving average price of $1.07 and a 200 day moving average price of $1.34.

Ondas (NASDAQ:ONDS - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.04). The firm had revenue of $4.25 million during the quarter, compared to analysts' expectations of $4.94 million. Ondas had a negative return on equity of 232.07% and a negative net margin of 412.92%. Equities analysts forecast that Ondas will post -0.53 earnings per share for the current year.

Institutional Trading of Ondas

A number of institutional investors have recently modified their holdings of ONDS. Heights Capital Management Inc. raised its position in Ondas by 397.6% during the 4th quarter. Heights Capital Management Inc. now owns 4,811,354 shares of the company's stock valued at $12,317,000 after purchasing an additional 3,844,401 shares during the last quarter. Cresset Asset Management LLC bought a new position in shares of Ondas during the fourth quarter valued at approximately $3,288,000. Jane Street Group LLC purchased a new stake in Ondas in the fourth quarter worth $1,050,000. MYDA Advisors LLC purchased a new stake in Ondas in the fourth quarter worth $998,000. Finally, AMH Equity Ltd bought a new stake in Ondas in the fourth quarter valued at $952,000. 37.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital began coverage on Ondas in a research note on Monday, April 14th. They set a "buy" rating and a $2.50 price objective on the stock.

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.