Ondas (NASDAQ:ONDS) Shares Down 8.8% - Here's Why

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) fell 8.8% during mid-day trading on Tuesday . The stock traded as low as $3.75 and last traded at $3.66. 24,027,504 shares traded hands during trading, an increase of 64% from the average session volume of 14,685,737 shares. The stock had previously closed at $4.01.

Analyst Ratings Changes

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

Ondas Stock Performance

The company has a 50 day simple moving average of $2.44 and a two-hundred day simple moving average of $1.54. The company has a market cap of $984.12 million, a PE ratio of -8.63 and a beta of 2.29.

Ondas (NASDAQ:ONDS - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.03. The company had revenue of $6.27 million for 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%. As a group, analysts expect that Ondas Holdings Inc. will post -0.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. acquired a new stake in shares of Ondas in the 4th quarter valued at $235,000. Marshall Wace LLP bought a new position in Ondas during the fourth quarter valued at about $831,000. Millennium Management LLC raised its holdings in Ondas by 150.0% during 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. Summit Trail Advisors LLC acquired a new stake in shares of Ondas in the first quarter worth about $187,000. Finally, Jane Street Group LLC acquired a new stake in shares of Ondas in the fourth quarter worth about $1,050,000. 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.