Ondas (NASDAQ:ONDS) Hits New 52-Week High - Time to Buy?

Key Points

• Ondas Holdings Inc. (NASDAQ: ONDS) shares reached a new 52-week high at $6.01, with a trading volume of over 60 million shares on the day.
• Wall Street analysts maintain a consensus rating of "Buy" for Ondas, with target prices ranging from $4.67 to $5.00 set by various equity research firms.
• The company reported better-than-expected earnings with $6.27 million in revenue, exceeding estimates, despite a significant negative net margin of 300.11%.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) shares hit a new 52-week high during trading on Friday . The company traded as high as $6.01 and last traded at $5.70, with a volume of 60223380 shares traded. The stock had previously closed at $5.07.

Analyst Ratings Changes

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

Ondas Stock Performance

The business has a 50-day moving average price of $2.98 and a 200 day moving average price of $1.71. The stock has a market capitalization of $1.20 billion, a P/E ratio of -10.53 and a beta of 2.42.

Ondas (NASDAQ:ONDS - Get Free Report) last announced its quarterly earnings data 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. Ondas had a negative net margin of 300.11% and a negative return on equity of 130.48%. The company had revenue of $6.27 million during the quarter, compared to analyst estimates of $4.97 million. As a group, research analysts forecast that Ondas Holdings Inc. will post -0.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ondas

A number of hedge funds have recently added to or reduced their stakes in ONDS. Hood River Capital Management LLC purchased a new position in Ondas in the 2nd quarter worth approximately $14,479,000. AWM Investment Company Inc. purchased a new position in Ondas in the 2nd quarter worth approximately $11,123,000. Cresset Asset Management LLC raised its holdings in Ondas by 263.5% in the 2nd quarter. Cresset Asset Management LLC now owns 4,667,874 shares of the company's stock worth $8,962,000 after acquiring an additional 3,383,629 shares during the last quarter. Sei Investments Co. purchased a new position in Ondas in the 2nd quarter worth approximately $3,086,000. Finally, HRT Financial LP purchased a new position in Ondas in the 2nd quarter worth approximately $2,244,000. 37.73% of the stock is currently owned by hedge funds and other institutional investors.

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.