Ondas (NASDAQ:ONDS) Stock Price Down 6.9% - Here's Why

Key Points

• Ondas Holdings Inc. shares dropped 6.9% during mid-day trading, closing at $5.09 after reaching a low of $5.07, with an increased trading volume of 22,447,898 shares.
• Several analysts have upgraded Ondas, with Lake Street Capital raising their price target to $5.00 and a majority rating the stock as a "Buy" with a consensus target price of $4.67.
• In its recent earnings report, Ondas posted a loss of ($0.08) EPS, exceeding estimates, with revenue of $6.27 million compared to the expected $4.97 million.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) was down 6.9% on Wednesday . The stock traded as low as $5.07 and last traded at $5.09. Approximately 22,447,898 shares were traded during trading, an increase of 34% from the average daily volume of 16,723,156 shares. The stock had previously closed at $5.46.

Analyst Upgrades and Downgrades

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

Ondas Price Performance

The company has a 50 day simple moving average of $3.28 and a 200-day simple moving average of $1.82. The stock has a market cap of $1.33 billion, a P/E ratio of -11.65 and a beta of 2.40.

Ondas (NASDAQ:ONDS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $6.27 million during the quarter, compared to analyst estimates of $4.97 million. As a group, research analysts expect that Ondas Holdings Inc. will post -0.53 earnings per share for the current year.

Hedge Funds Weigh In On Ondas

Several hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC grew its holdings in shares of Ondas by 467.6% during the 2nd quarter. Squarepoint Ops LLC now owns 356,421 shares of the company's stock worth $684,000 after acquiring an additional 293,628 shares during the period. Marex Group plc purchased a new position in shares of Ondas during the 2nd quarter worth approximately $2,112,000. Shellback Capital LP purchased a new position in shares of Ondas during the 2nd quarter worth approximately $1,470,000. Manatuck Hill Partners LLC purchased a new position in shares of Ondas during the 2nd quarter worth approximately $1,152,000. Finally, HRT Financial LP purchased a new position in shares of Ondas during the 2nd quarter worth approximately $2,244,000. 37.73% of the stock is 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.