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

Key Points

• Ondas Holdings Inc. (NASDAQ:ONDS) shares experienced a significant uptick, opening at $10.03, up from a previous close of $9.22, with a trading volume of 12,841,235 shares.
• Analyst sentiment towards Ondas is generally positive, with a consensus rating of "Moderate Buy" and an average target price of $7.25, despite one sell rating.
• The company reported revenues of $6.27 million for the previous quarter, exceeding analyst expectations, and has a market capitalization of $3.60 billion.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $9.22, but opened at $10.03. Ondas shares last traded at $9.97, with a volume of 12,841,235 shares traded.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Needham & Company LLC assumed coverage on shares of Ondas in a research report on Tuesday, August 19th. They set a "buy" rating and a $5.00 target price on the stock. Lake Street Capital raised their price objective 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. Wall Street Zen raised shares of Ondas from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Weiss Ratings reissued a "sell (e+)" rating on shares of Ondas in a report on Wednesday, October 8th. Finally, HC Wainwright initiated coverage on Ondas in a report on Monday, October 6th. They set a "buy" rating and a $12.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $7.25.

Ondas Stock Performance

The company has a market capitalization of $3.60 billion, a PE ratio of -20.98 and a beta of 2.46. The firm's 50-day simple moving average is $6.05 and its 200 day simple moving average is $3.00.

Ondas (NASDAQ:ONDS - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.08) EPS for the quarter, topping analysts' consensus estimates of ($0.11) by $0.03. The firm 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, equities analysts anticipate that Ondas Holdings Inc. will post -0.53 earnings per share for the current year.

Institutional Trading of Ondas

Institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its position in Ondas by 444.4% during the first quarter. Goldman Sachs Group Inc. now owns 112,373 shares of the company's stock worth $120,000 after purchasing an additional 91,732 shares in the last quarter. Summit Trail Advisors LLC purchased a new stake in shares of Ondas in the 1st quarter worth about $187,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Ondas in the 2nd quarter worth about $151,000. NTV Asset Management LLC purchased a new stake in shares of Ondas in the 2nd quarter worth about $144,000. Finally, XTX Topco Ltd purchased a new stake in shares of Ondas in the 1st quarter worth about $32,000. 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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