Ondas (NASDAQ:ONDS) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Key Points

• Ondas (NASDAQ:ONDS) reported quarterly earnings of ($0.08) EPS, surpassing expectations by $0.03 from a consensus estimate of ($0.11), along with revenues of $6.27 million compared to the anticipated $4.97 million.
• Following the earnings announcement, Ondas stock surged by 25.1%, closing at $4.29 with a significant trading volume of nearly 68 million shares.
• Institutional investors, including Geode Capital Management, have increased their stake in Ondas, now holding about 37.73% of the company's stock.

Ondas (NASDAQ:ONDS - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.03, Zacks reports. The business had revenue of $6.27 million for the quarter, compared to analysts' expectations of $4.97 million. Ondas had a negative return on equity of 232.07% and a negative net margin of 412.92%.

Ondas Stock Up 25.1%

NASDAQ:ONDS traded up $0.86 during trading hours on Tuesday, hitting $4.29. The company's stock had a trading volume of 67,837,944 shares, compared to its average volume of 13,480,813. The stock has a fifty day moving average of $2.03 and a 200-day moving average of $1.40. The stock has a market capitalization of $770.31 million, a P/E ratio of -7.40 and a beta of 2.29. Ondas has a 52-week low of $0.54 and a 52-week high of $4.39. The company has a current ratio of 0.86, a quick ratio of 0.65 and a debt-to-equity ratio of 0.01.

Wall Street Analyst Weigh In

Several research firms recently commented on ONDS. Lake Street Capital began coverage on Ondas in a report on Monday, April 14th. They issued a "buy" rating and a $2.50 target price on the stock. Wall Street Zen raised Ondas from a "sell" rating to a "hold" rating in a report on Saturday, July 12th.

Hedge Funds Weigh In On Ondas

An institutional investor recently raised its position in Ondas stock. Geode Capital Management LLC grew its position in shares of Ondas Holdings Inc. (NASDAQ:ONDS - Free Report) by 57.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,344,590 shares of the company's stock after purchasing an additional 490,239 shares during the quarter. Geode Capital Management LLC owned approximately 0.75% of Ondas worth $2,583,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 37.73% of the company's 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.

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