Ondas (NASDAQ:ONDS) Trading Down 7.8% - Here's Why

Key Points

• Ondas Holdings Inc. shares fell 7.8% during mid-day trading, marking a decrease from the previous close of $11.26 to $10.39.
• Analysts have mixed opinions on Ondas, with four firms rating it a "buy" and one giving it a "sell," resulting in an average target price of $7.25.
• The company reported a revenue of $6.27 million for the last quarter, exceeding estimates, yet it also posted a negative earnings per share of ($0.08).

Shares of Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) fell 7.8% during mid-day trading on Thursday . The stock traded as low as $10.42 and last traded at $10.39. 34,485,908 shares traded hands during trading, an increase of 59% from the average session volume of 21,658,113 shares. The stock had previously closed at $11.26.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ONDS. HC Wainwright began coverage on Ondas in a research report on Monday. They set a "buy" rating and a $12.00 target price on the stock. Lake Street Capital upped their price objective on shares of Ondas from $5.00 to $8.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Needham & Company LLC began coverage on shares of Ondas in a report on Tuesday, August 19th. They set a "buy" rating and a $5.00 price objective on the stock. Wall Street Zen upgraded shares of Ondas from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Ondas in a research report on Wednesday. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $7.25.

Ondas Trading Down 6.8%

The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of -20.17 and a beta of 2.46. The firm has a 50 day moving average price of $5.91 and a two-hundred day moving average price of $2.91.

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 net margin of 300.11% and a negative return on equity of 130.48%. The firm had revenue of $6.27 million during the quarter, compared to the consensus estimate of $4.97 million. As a group, research analysts forecast that Ondas Holdings Inc. will post -0.53 earnings per share for the current year.

Institutional Trading of Ondas

Several large investors have recently added to or reduced their stakes in ONDS. Hood River Capital Management LLC acquired a new position in shares of Ondas during the second quarter worth $14,479,000. AWM Investment Company Inc. purchased a new stake in Ondas during the 2nd quarter worth $11,123,000. Cresset Asset Management LLC increased its stake in Ondas by 263.5% during the 2nd quarter. Cresset Asset Management LLC now owns 4,667,874 shares of the company's stock worth $8,962,000 after buying an additional 3,383,629 shares during the period. Sei Investments Co. acquired a new position in Ondas in the 2nd quarter worth $3,086,000. Finally, HRT Financial LP purchased a new position in Ondas in the 2nd quarter valued at about $2,244,000. 37.73% of the stock is currently owned by institutional investors and hedge funds.

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.

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