Ondas (NASDAQ:ONDS) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Ondas Holdings Inc. experienced a notable increase in trading volume, with 38,415,241 shares traded, representing a 165% rise from the previous session.
• Brokerages have recently upgraded Ondas ratings, with Wall Street Zen changing from "sell" to "hold" and Lake Street Capital raising the target price from $2.50 to $5.00 and assigning a "buy" rating.
• For its last quarter, Ondas reported earnings of (-$0.08) EPS, surpassing the consensus estimate, and achieved revenue of $6.27 million, exceeding projections of $4.97 million.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) saw an uptick in trading volume on Friday . 38,415,241 shares traded hands during mid-day trading, an increase of 165% from the previous session's volume of 14,470,887 shares.The stock last traded at $4.09 and had previously closed at $3.93.

Analyst Ratings Changes

A number of brokerages recently issued reports on ONDS. Wall Street Zen raised shares of Ondas from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Lake Street Capital raised their target price on shares of Ondas from $2.50 to $5.00 and gave the company a "buy" rating in a report on Wednesday.

Ondas Trading Up 3.4%

The firm has a market cap of $890.97 million, a price-to-earnings ratio of -7.94 and a beta of 2.29. The firm has a 50 day moving average price of $2.17 and a 200-day moving average price of $1.45.

Ondas (NASDAQ:ONDS - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.97 million. As a group, equities analysts expect that Ondas Holdings Inc. will post -0.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ondas

Several institutional investors and hedge funds have recently made changes to their positions in the business. Hood River Capital Management LLC acquired a new stake in Ondas in the second quarter worth $14,479,000. AWM Investment Company Inc. acquired a new position in Ondas during the second quarter worth about $11,123,000. Heights Capital Management Inc. grew its holdings in Ondas by 397.6% during the fourth quarter. Heights Capital Management Inc. now owns 4,811,354 shares of the company's stock worth $12,317,000 after acquiring an additional 3,844,401 shares during the period. Cresset Asset Management LLC grew its holdings in Ondas by 263.5% during the second 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 period. Finally, Sei Investments Co. acquired a new position in Ondas during the second quarter worth about $3,086,000. 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.

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