Ondas (NASDAQ:ONDS) Trading Up 4.8% - Here's Why

Key Points

• Ondas Holdings Inc. (NASDAQ:ONDS) saw its shares rise by 4.8%, with notable trading activity of 48.9 million shares, marking a 150% increase from its average volume.
• Analysts have recently upgraded their outlook on Ondas, with Lake Street Capital raising its price target from $5.00 to $8.00 and providing a "buy" rating, contributing to an average target price of $5.67.
• In its latest earnings report, Ondas reported a revenue of $6.27 million, surpassing estimates, while also revealing a negative earnings per share of ($0.08) and a significant negative net margin of 300.11%.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) shares traded up 4.8% on Thursday . The stock traded as high as $7.74 and last traded at $7.70. 48,992,486 shares traded hands during mid-day trading, an increase of 150% from the average session volume of 19,589,617 shares. The stock had previously closed at $7.35.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ONDS shares. Lake Street Capital boosted their price objective on shares of Ondas from $5.00 to $8.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Needham & Company LLC initiated coverage on shares of Ondas in a research note on Tuesday, August 19th. They set a "buy" rating and a $5.00 target price for the company. Finally, Wall Street Zen raised shares of Ondas from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $5.67.

Ondas Trading Up 5.6%

The company's fifty day moving average is $4.36 and its 200-day moving average is $2.27. The firm has a market capitalization of $2.49 billion, a P/E ratio of -14.95 and a beta of 2.42.

Ondas (NASDAQ:ONDS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.08) earnings per share 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 during the quarter, compared to the consensus estimate of $4.97 million. On average, equities research analysts anticipate that Ondas Holdings Inc. will post -0.53 EPS for the current year.

Institutional Investors Weigh In On Ondas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONDS. Millennium Management LLC boosted its stake in shares of Ondas by 150.0% in the 4th quarter. Millennium Management LLC now owns 28,366 shares of the company's stock valued at $73,000 after purchasing an additional 17,021 shares during the last quarter. Two Sigma Investments LP acquired a new stake in shares of Ondas in the fourth quarter valued at approximately $31,000. Squarepoint Ops LLC acquired a new position in Ondas during the fourth quarter worth $48,000. B. Riley Wealth Advisors Inc. acquired a new position in Ondas during the fourth quarter worth $46,000. Finally, XML Financial LLC acquired a new position in shares of Ondas in the first quarter valued at $107,000. Institutional investors and hedge funds own 37.73% of the company's stock.

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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