Ondas (NASDAQ:ONDS) Sets New 52-Week High on Analyst Upgrade

Key Points

• Ondas Holdings Inc. shares reached a new 1-year high of $6.86 following an upgrade by Lake Street Capital, which increased their price target from $5.00 to $8.00 and maintains a buy rating.
• The company's quarterly earnings report exceeded expectations, with a reported loss of ($0.08) EPS against a consensus estimate of ($0.11) EPS, and revenue of $6.27 million versus the forecast of $4.97 million.
• A significant portion, 37.73%, of Ondas' stock is owned by institutional investors, with notable new investments from groups like Jane Street Group LLC and Millennium Management LLC.

Shares of Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) hit a new 52-week high during mid-day trading on Monday after Lake Street Capital raised their price target on the stock from $5.00 to $8.00. Lake Street Capital currently has a buy rating on the stock. Ondas traded as high as $6.86 and last traded at $6.46, with a volume of 5845941 shares traded. The stock had previously closed at $6.56.

ONDS has been the topic of a number of other research reports. Wall Street Zen raised Ondas from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Needham & Company LLC started coverage on shares of Ondas in a report on Tuesday, August 19th. They issued a "buy" rating and a $5.00 target price for the company. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $5.67.

Institutional Trading of Ondas

Several large investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC boosted its holdings in shares of Ondas by 467.6% during the 2nd quarter. Squarepoint Ops LLC now owns 356,421 shares of the company's stock worth $684,000 after buying an additional 293,628 shares during the period. Marex Group plc bought a new stake in shares of Ondas during the 2nd quarter worth $2,112,000. Shellback Capital LP bought a new stake in shares of Ondas during the 2nd quarter worth $1,470,000. Manatuck Hill Partners LLC bought a new stake in shares of Ondas during the 2nd quarter worth $1,152,000. Finally, HRT Financial LP bought a new stake in shares of Ondas during the 2nd quarter worth $2,244,000. 37.73% of the stock is owned by institutional investors.

Ondas Trading Up 1.0%

The company's fifty day moving average is $3.96 and its 200-day moving average is $2.09. The firm has a market capitalization of $2.14 billion, a P/E ratio of -12.84 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 (EPS) for the quarter, beating 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 analysts' expectations of $4.97 million. On average, equities research analysts anticipate that Ondas Holdings Inc. will post -0.53 EPS for the current year.

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.