Ondas (NASDAQ:ONDS) Shares Down 5.2% - Here's Why

Key Points

• Ondas Holdings Inc. shares fell 5.2% to a trading price of $7.32, with trading volume significantly increasing to over 28 million shares.
• Despite the recent decline, analysts maintain a consensus buy rating with a price target averaging $5.67, and some firms, like Lake Street Capital, have set ambitious targets as high as $8.00.
• For the latest quarter, Ondas reported earnings that exceeded expectations, with revenue of $6.27 million, surpassing analyst estimates of $4.97 million, though the company still faces significant financial challenges.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s stock price traded down 5.2% during trading on Wednesday . The company traded as low as $7.28 and last traded at $7.32. 28,271,084 shares traded hands during trading, an increase of 40% from the average session volume of 20,168,945 shares. The stock had previously closed at $7.72.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Lake Street Capital lifted their price target on shares of Ondas from $5.00 to $8.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Wall Street Zen upgraded shares of Ondas from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Needham & Company LLC assumed coverage on shares of Ondas in a research note on Tuesday, August 19th. They set a "buy" rating and a $5.00 target price for the company. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $5.67.

Ondas Stock Down 5.3%

The business's 50 day moving average is $4.81 and its two-hundred day moving average is $2.48. The firm has a market cap of $2.35 billion, a P/E ratio of -14.06 and a beta of 2.42.

Ondas (NASDAQ:ONDS - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($0.08) earnings per share 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 business had revenue of $6.27 million during the quarter, compared to the consensus estimate of $4.97 million. Equities research analysts anticipate that Ondas Holdings Inc. will post -0.53 EPS for the current year.

Institutional Investors Weigh In On Ondas

Several hedge funds and other institutional investors have recently bought and sold shares of ONDS. Two Sigma Investments LP bought a new stake in Ondas in the fourth quarter valued at $31,000. SBI Securities Co. Ltd. increased its stake in Ondas by 154.9% in the second quarter. SBI Securities Co. Ltd. now owns 16,299 shares of the company's stock valued at $31,000 after purchasing an additional 9,904 shares in the last quarter. XTX Topco Ltd bought a new stake in Ondas in the first quarter valued at $32,000. Charles Schwab Investment Management Inc. bought a new stake in Ondas in the first quarter valued at $34,000. Finally, Penbrook Management LLC acquired a new position in shares of Ondas during the second quarter valued at about $35,000. 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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