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

Key Points

• Ondas Holdings Inc. shares experienced a significant increase, opening at $7.80 after a previous close of $7.31 and reaching a last traded price of $8.78.
• Analysts have given Ondas a consensus rating of "Buy" with target prices ranging from $5.00 to $8.00, reflecting increased confidence in the company's prospects.
• In their latest earnings report, Ondas beat expectations by posting a revenue of $6.27 million against a forecast of $4.97 million, although it reported a negative EPS of ($0.08).

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $7.31, but opened at $7.80. Ondas shares last traded at $8.78, with a volume of 15,813,479 shares.

Analysts Set New Price Targets

A number of analysts recently issued reports on ONDS shares. Needham & Company LLC started coverage on shares of Ondas in a research report on Tuesday, August 19th. They set a "buy" rating and a $5.00 target price for the company. Wall Street Zen raised shares of Ondas from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Lake Street Capital increased their target price on shares of Ondas from $5.00 to $8.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $5.67.

Ondas Price Performance

The company's 50-day simple moving average is $4.91 and its 200-day simple moving average is $2.51. The company has a market cap of $2.90 billion, a price-to-earnings ratio of -17.37 and a beta of 2.46.

Ondas (NASDAQ:ONDS - Get Free Report) last released its 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. The company had revenue of $6.27 million during the quarter, compared to analysts' expectations of $4.97 million. Ondas had a negative return on equity of 130.48% and a negative net margin of 300.11%. Equities analysts predict that Ondas Holdings Inc. will post -0.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Ondas

Institutional investors and hedge funds have recently made changes to their positions in the business. Two Sigma Investments LP purchased a new position in shares of Ondas during the 4th quarter valued at approximately $31,000. SBI Securities Co. Ltd. boosted its stake in shares of Ondas by 154.9% during the 2nd quarter. SBI Securities Co. Ltd. now owns 16,299 shares of the company's stock valued at $31,000 after buying an additional 9,904 shares during the last quarter. Penbrook Management LLC purchased a new position in shares of Ondas during the 2nd quarter valued at approximately $35,000. Squarepoint Ops LLC bought a new position in Ondas during the fourth quarter worth $48,000. Finally, Exencial Wealth Advisors LLC bought a new position in Ondas during the second quarter worth $36,000. 37.73% of the stock is currently owned by hedge funds and other institutional investors.

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.

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