Ondas (NASDAQ:ONDS) Trading 7.8% Higher After Analyst Upgrade

Key Points

• Ondas Holdings Inc. saw a 7.8% increase in stock price after Lake Street Capital raised their price target from $2.50 to $5.00, maintaining a buy rating.
• Institutional investors are increasingly investing in Ondas, with Hood River Capital Management acquiring a new stake worth approximately $14.5 million during the second quarter.
• In their latest earnings report, Ondas beat analysts' expectations with a revenue of $6.27 million for the quarter, surpassing the anticipated $4.97 million.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) rose 7.8% during mid-day trading on Thursday after Lake Street Capital raised their price target on the stock from $2.50 to $5.00. Lake Street Capital currently has a buy rating on the stock. Ondas traded as high as $3.76 and last traded at $3.80. Approximately 12,518,960 shares traded hands during trading, a decline of 11% from the average daily volume of 14,010,343 shares. The stock had previously closed at $3.52.

Separately, Wall Street Zen raised Ondas from a "sell" rating to a "hold" rating in a report on Saturday, July 12th.

Hedge Funds Weigh In On Ondas

Several hedge funds and other institutional investors have recently made changes to their positions in ONDS. Hood River Capital Management LLC acquired a new stake in Ondas in the second quarter worth approximately $14,479,000. Cresset Asset Management LLC lifted its position in Ondas by 263.5% in the second quarter. Cresset Asset Management LLC now owns 4,667,874 shares of the company's stock worth $8,962,000 after purchasing an additional 3,383,629 shares during the period. Quadrature Capital Ltd acquired a new stake in Ondas in the second quarter worth approximately $705,000. XTX Topco Ltd lifted its position in Ondas by 2,796.2% in the second quarter. XTX Topco Ltd now owns 853,568 shares of the company's stock worth $1,639,000 after purchasing an additional 824,096 shares during the period. Finally, DNB Asset Management AS lifted its position in Ondas by 48.9% in the second quarter. DNB Asset Management AS now owns 175,162 shares of the company's stock worth $336,000 after purchasing an additional 57,545 shares during the period. 37.73% of the stock is currently owned by institutional investors and hedge funds.

Ondas Price Performance

The stock has a market capitalization of $694.00 million, a price-to-earnings ratio of -7.47 and a beta of 2.29. The company has a quick ratio of 0.65, a current ratio of 0.86 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $2.13 and a two-hundred day simple moving average of $1.44.

Ondas (NASDAQ:ONDS - Get Free Report) last issued 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. The business 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 252.20% and a negative net margin of 300.11%. As a group, research analysts predict that Ondas Holdings Inc. will post -0.53 earnings per share for the current fiscal year.

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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