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

Key Points

• Ondas Holdings Inc. shares gapped down, opening at $5.31 compared to the previous close of $6.06, with a trading volume of over 40 million shares.
• Analysts have given mixed ratings, with three research analysts rating the stock as a Buy and a consensus target price of $4.67.
• The company reported a quarterly earnings per share of ($0.08), exceeding expectations and generating revenue of $6.27 million for the quarter.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $6.06, but opened at $5.31. Ondas shares last traded at $5.36, with a volume of 40,683,516 shares trading hands.

Analyst Ratings Changes

Several research firms have recently commented on ONDS. Wall Street Zen raised shares of Ondas from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Lake Street Capital increased 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. Finally, Needham & Company LLC assumed coverage on Ondas in a research report on Tuesday, August 19th. They set a "buy" rating and a $5.00 target price for the company. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $5.67.

Ondas Stock Up 2.2%

The stock has a market cap of $2.11 billion, a PE ratio of -12.62 and a beta of 2.42. The firm has a 50 day moving average price of $3.61 and a 200 day moving average price of $1.95.

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

Institutional Investors Weigh In On Ondas

Several institutional investors have recently added to or reduced their stakes in ONDS. Wells Fargo & Company MN boosted its holdings in Ondas by 119.2% in the fourth quarter. Wells Fargo & Company MN now owns 11,400 shares of the company's stock worth $29,000 after acquiring an additional 6,200 shares in the last quarter. Jane Street Group LLC acquired a new position in Ondas in the fourth quarter valued at approximately $1,050,000. Captrust Financial Advisors acquired a new position in Ondas in the fourth quarter valued at approximately $72,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Ondas in the fourth quarter valued at approximately $111,000. Finally, Millennium Management LLC increased its position in shares of Ondas by 150.0% in the fourth quarter. Millennium Management LLC now owns 28,366 shares of the company's stock valued at $73,000 after buying an additional 17,021 shares in the last quarter. Institutional investors and hedge funds own 37.73% of the company's stock.

Ondas Company Profile

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.