Ondas (NASDAQ:ONDS) Shares Gap Up - Should You Buy?

Key Points

• Ondas Holdings Inc. (NASDAQ:ONDS) shares gapped up from $4.49 to $4.68 at market open, with a last trading price of $4.79 and a volume of over 15 million shares.
• Brokerages have recently shown increased optimism, with Wall Street Zen upgrading the stock to a "hold" and Lake Street Capital and Needham & Company giving it "buy" ratings and a price target of $5.00.
• Ondas reported revenue of $6.27 million for the last quarter, exceeding analyst estimates, and is projected to have an average EPS of -0.53 for the current year, highlighting ongoing financial challenges.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $4.49, but opened at $4.68. Ondas shares last traded at $4.79, with a volume of 15,517,069 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ONDS. Lake Street Capital upped their target price on shares of Ondas from $2.50 to $5.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Wall Street Zen upgraded shares of Ondas from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Needham & Company LLC initiated coverage on shares of Ondas in a research report on Tuesday, August 19th. They issued a "buy" rating and a $5.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $4.67.

Ondas Trading Up 2.8%

The business has a 50 day moving average of $2.81 and a 200-day moving average of $1.66. The firm has a market capitalization of $1.28 billion, a P/E ratio of -11.27 and a beta of 2.29.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN boosted its position in shares of Ondas by 119.2% during the fourth quarter. Wells Fargo & Company MN now owns 11,400 shares of the company's stock worth $29,000 after buying an additional 6,200 shares during the period. Two Sigma Investments LP acquired a new position in shares of Ondas during the fourth quarter worth about $31,000. SBI Securities Co. Ltd. grew 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 worth $31,000 after acquiring an additional 9,904 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of Ondas during the 4th quarter worth approximately $46,000. Finally, Penbrook Management LLC bought a new position in shares of Ondas during the 2nd quarter worth approximately $35,000. 37.73% of the stock is owned by institutional investors and hedge funds.

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.