Ondas (NASDAQ:ONDS) Shares Down 3.9% - Here's Why

Key Points

• Ondas Holdings Inc. shares dropped 3.9% to $10.01, with a significant decline in trading volume by 66% compared to its average daily volume.
• Analysts currently have a consensus rating of "Moderate Buy" for Ondas, with price targets ranging from $5.00 to $12.00.
• The company recently reported earnings with a negative net margin of 300.11%, while revenues exceeded analyst expectations at $6.27 million for the quarter.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) was down 3.9% during mid-day trading on Wednesday . The company traded as low as $9.95 and last traded at $10.01. Approximately 7,446,423 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 22,049,867 shares. The stock had previously closed at $10.41.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ONDS. HC Wainwright began coverage on shares of Ondas in a report on Monday, October 6th. They issued a "buy" rating and a $12.00 price objective for the company. Needham & Company LLC began coverage on shares of Ondas in a report on Tuesday, August 19th. They issued a "buy" rating and a $5.00 price objective for the company. Lake Street Capital lifted their price objective on shares of Ondas from $5.00 to $8.00 and gave the company a "buy" rating in a report on Friday, September 12th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Ondas in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Ondas from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Ondas has a consensus rating of "Moderate Buy" and an average price target of $7.25.

Ondas Price Performance

The business's 50 day simple moving average is $6.36 and its 200 day simple moving average is $3.12. The company has a market capitalization of $3.26 billion, a PE ratio of -18.01 and a beta of 2.46.

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

Institutional Investors Weigh In On Ondas

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Shikiar Asset Management Inc. purchased a new stake in shares of Ondas in the 3rd quarter valued at approximately $85,000. Farther Finance Advisors LLC purchased a new stake in Ondas during the 3rd quarter worth approximately $2,086,000. HBK Sorce Advisory LLC purchased a new stake in Ondas during the 3rd quarter worth approximately $88,000. GatePass Capital LLC purchased a new stake in Ondas during the 2nd quarter worth approximately $192,000. Finally, Squarepoint Ops LLC increased its stake in 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. 37.73% of the stock is 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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