Ondas (NASDAQ:ONDS) Sees Large Volume Increase - Here's Why

Key Points

• Shares of Ondas Holdings Inc. (NASDAQ:ONDS) experienced a significant trading volume spike, with approximately 36.1 million shares traded, marking a 191% increase from the previous session.
• Analysts have shown varied opinions on the stock, with Lake Street Capital initiating coverage with a "buy" rating and a target price of $2.50, while Wall Street Zen upgraded it from "sell" to "hold".
• Ondas reported a net loss of ($0.15) EPS for the last quarter, missing estimates, with revenues of $4.25 million compared to analyst expectations of $4.94 million.

Shares of Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 36,145,005 shares traded hands during trading, an increase of 191% from the previous session's volume of 12,417,357 shares.The stock last traded at $3.02 and had previously closed at $2.67.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Lake Street Capital started coverage on shares of Ondas in a research note on Monday, April 14th. They set a "buy" rating and a $2.50 target price for the company. Wall Street Zen upgraded shares of Ondas from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th.

Ondas Stock Up 15.0%

The company has a market cap of $551.25 million, a P/E ratio of -5.29 and a beta of 2.29. The company has a current ratio of 0.86, a quick ratio of 0.65 and a debt-to-equity ratio of 0.01. The firm's 50 day moving average price is $1.82 and its 200-day moving average price is $1.36.

Ondas (NASDAQ:ONDS - Get Free Report) last announced 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). Ondas had a negative return on equity of 232.07% and a negative net margin of 412.92%. The company had revenue of $4.25 million for the quarter, compared to analyst estimates of $4.94 million. As a group, equities research analysts expect that Ondas Holdings Inc. will post -0.53 EPS for the current year.

Hedge Funds Weigh In On Ondas

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in Ondas during the fourth quarter worth $235,000. Geode Capital Management LLC boosted its position in shares of Ondas by 16.6% in the fourth quarter. Geode Capital Management LLC now owns 726,165 shares of the company's stock valued at $1,859,000 after acquiring an additional 103,570 shares during the period. Wells Fargo & Company MN boosted its position in shares of Ondas by 119.2% in the fourth quarter. Wells Fargo & Company MN now owns 11,400 shares of the company's stock valued at $29,000 after acquiring an additional 6,200 shares during the period. Ceeto Capital Group LLC boosted its position in shares of Ondas by 25.9% in the fourth quarter. Ceeto Capital Group LLC now owns 242,800 shares of the company's stock valued at $622,000 after acquiring an additional 50,000 shares during the period. Finally, PEAK6 LLC bought a new stake in shares of Ondas in the fourth quarter valued at about $230,000. 37.73% of the stock is owned by 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.

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