Ondas (NASDAQ:ONDS) Reaches New 52-Week High After Better-Than-Expected Earnings

Key Points

• Ondas Holdings Inc. (NASDAQ: ONDS) reached a new 52-week high of $4.39 after reporting quarterly earnings that exceeded expectations, with earnings per share of ($0.08) against a consensus estimate of ($0.11).
• The company generated $6.27 million in revenue for the quarter, significantly surpassing the estimated $4.97 million.
• Numerous institutional investors, including Heights Capital Management and XTX Topco Ltd, significantly increased their positions in Ondas, reflecting growing confidence in the company's performance.

Shares of Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $4.39 and last traded at $4.29, with a volume of 71726562 shares traded. The stock had previously closed at $3.43.

The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.11) by $0.03. Ondas had a negative return on equity of 130.48% and a negative net margin of 300.11%. The business had revenue of $6.27 million for the quarter, compared to analysts' expectations of $4.97 million.

Analyst Ratings Changes

Several equities analysts recently commented on ONDS shares. Wall Street Zen raised shares of Ondas from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Lake Street Capital raised their price target on shares of Ondas from $2.50 to $5.00 and gave the company a "buy" rating in a report on Wednesday.

Hedge Funds Weigh In On Ondas

A number of institutional investors have recently added to or reduced their stakes in ONDS. Wells Fargo & Company MN grew its holdings in shares of Ondas by 119.2% during the fourth quarter. Wells Fargo & Company MN now owns 11,400 shares of the company's stock worth $29,000 after purchasing an additional 6,200 shares in the last quarter. Two Sigma Investments LP purchased a new stake in Ondas in the fourth quarter valued at approximately $31,000. SBI Securities Co. Ltd. lifted its position in Ondas by 154.9% during the second quarter. SBI Securities Co. Ltd. now owns 16,299 shares of the company's stock valued at $31,000 after purchasing an additional 9,904 shares during the last quarter. XTX Topco Ltd purchased a new position in Ondas in the 1st quarter worth approximately $32,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in Ondas in the 1st quarter worth approximately $34,000. 37.73% of the stock is currently owned by institutional investors.

Ondas Trading Down 1.8%

The stock's fifty day moving average price is $2.17 and its 200 day moving average price is $1.45. The stock has a market cap of $846.03 million, a P/E ratio of -7.42 and a beta of 2.29.

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.