Ondas (NASDAQ:ONDS) Stock Price Down 8.8% - Time to Sell?

Key Points

• Ondas Holdings Inc. experienced an 8.8% decline in stock price, closing at $3.66 after trading as low as $3.75, with a notable increase in trading volume compared to the average.
• Recent analyst ratings have been positive, with Needham & Company initiating coverage with a "buy" rating and a target price of $5.00, while the stock retains an overall consensus rating of "Buy" with an average target of $4.67.
• Despite a negative net margin and return on equity, Ondas reported a quarterly revenue of $6.27 million, exceeding expectations and showing signs of growth for the company.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s stock price was down 8.8% on Tuesday . The company traded as low as $3.75 and last traded at $3.66. Approximately 24,027,504 shares changed hands during trading, an increase of 64% from the average daily volume of 14,685,737 shares. The stock had previously closed at $4.01.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ONDS shares. Needham & Company LLC started coverage on shares of Ondas in a research report on Tuesday. They set a "buy" rating and a $5.00 target price for the company. Wall Street Zen upgraded shares of Ondas from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Lake Street Capital upped their price target on shares of Ondas from $2.50 to $5.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $4.67.

Ondas Stock Performance

The business's 50 day moving average is $2.26 and its 200 day moving average is $1.48. The company has a market capitalization of $790.14 million, a price-to-earnings ratio of -6.91 and a beta of 2.29.

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. Ondas had a negative net margin of 300.11% and a negative return on equity of 130.48%. The firm had revenue of $6.27 million for the quarter, compared to analysts' expectations of $4.97 million. Sell-side analysts predict that Ondas Holdings Inc. will post -0.53 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ONDS. Hood River Capital Management LLC acquired a new position in shares of Ondas during the 2nd quarter valued at about $14,479,000. AWM Investment Company Inc. acquired a new position in shares of Ondas during the 2nd quarter valued at about $11,123,000. Heights Capital Management Inc. boosted its position in shares of Ondas by 397.6% during the 4th quarter. Heights Capital Management Inc. now owns 4,811,354 shares of the company's stock valued at $12,317,000 after acquiring an additional 3,844,401 shares during the last quarter. Cresset Asset Management LLC boosted its position in shares of Ondas by 263.5% during the 2nd quarter. Cresset Asset Management LLC now owns 4,667,874 shares of the company's stock valued at $8,962,000 after acquiring an additional 3,383,629 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in shares of Ondas during the 2nd quarter valued at about $3,086,000. 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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