Ondas (NASDAQ:ONDS) Shares Down 5.3% - Time to Sell?

Key Points

• Shares of Ondas Holdings Inc. (NASDAQ: ONDS) fell by 5.3% during mid-day trading, reaching a low of $5.92, with trading volume down 58% from average levels.
• Analysts have mixed ratings on Ondas, with Lake Street Capital raising their price target to $8.00 while the consensus price target is currently $5.67.
• Ondas reported a quarterly earnings result of ($0.08) EPS, beating estimates and generating revenue of $6.27 million, exceeding the $4.97 million consensus expectation.

Shares of Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) dropped 5.3% during mid-day trading on Tuesday . The stock traded as low as $5.92 and last traded at $6.04. Approximately 7,776,469 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 18,322,059 shares. The stock had previously closed at $6.38.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Lake Street Capital upped 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. Needham & Company LLC assumed coverage on shares of Ondas in a report on Tuesday, August 19th. They set a "buy" rating and a $5.00 price objective on the stock. Finally, Wall Street Zen upgraded shares of Ondas from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $5.67.

Ondas Stock Down 3.3%

The firm's fifty day moving average price is $3.70 and its 200 day moving average price is $2.00. The stock has a market cap of $1.98 billion, a PE ratio of -11.82 and a beta of 2.42.

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, beating analysts' consensus estimates of ($0.11) by $0.03. The company had revenue of $6.27 million for the quarter, compared to the consensus estimate of $4.97 million. Ondas had a negative net margin of 300.11% and a negative return on equity of 130.48%. As a group, analysts anticipate that Ondas Holdings Inc. will post -0.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ondas

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hood River Capital Management LLC purchased a new stake in Ondas in the 2nd quarter valued at about $14,479,000. AWM Investment Company Inc. purchased a new stake in Ondas during the second quarter worth about $11,123,000. Cresset Asset Management LLC increased its stake in shares of 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 buying an additional 3,383,629 shares during the period. Sei Investments Co. purchased a new stake in shares of Ondas during the second quarter worth approximately $3,086,000. Finally, Geode Capital Management LLC increased its stake in Ondas by 57.4% in the second quarter. Geode Capital Management LLC now owns 1,344,590 shares of the company's stock valued at $2,583,000 after purchasing an additional 490,239 shares during the last quarter. Institutional investors and hedge funds own 37.73% of the company's stock.

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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