Ondas (NASDAQ:ONDS) Shares Down 2% - Here's What Happened

Key Points

• Ondas shares fell 2% to $7.33, with 46.6 million shares traded—about 43% below average volume.
• Analyst sentiment remains broadly positive: eight analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and a $17.18 price target, despite some recent downgrades.
• The company missed quarterly EPS expectations, reporting a loss of $0.19 per share versus the expected $0.09 loss, although revenue of $83.77 million exceeded forecasts.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s share price fell 2% during trading on Wednesday. The stock traded as low as $7.32 and last traded at $7.33. 46,628,541 shares were traded during mid-day trading, a decline of 43% from the average session volume of 81,740,969 shares. The stock had previously closed at $7.48.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ONDS shares. Weiss Ratings lowered Ondas from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, August 4th. LADENBURG THALM/SH SH upped their price target on shares of Ondas from $21.50 to $22.75 and gave the stock a "buy" rating in a report on Monday, August 17th. Oppenheimer raised their price target on shares of Ondas from $16.00 to $18.00 and gave the stock an "outperform" rating in a research note on Friday, August 14th. Wall Street Zen lowered shares of Ondas from a "sell" rating to a "strong sell" rating in a report on Saturday, August 15th. Finally, Roth Capital reissued a "buy" rating on shares of Ondas in a research report on Tuesday, August 18th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $17.18.

Ondas Stock Performance

The firm has a market cap of $4.27 billion, a P/E ratio of -104.71 and a beta of 2.74. The firm's fifty day moving average price is $8.03 and its 200 day moving average price is $8.96.

Ondas (NASDAQ:ONDS - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.10). The business had revenue of $83.77 million during the quarter, compared to analysts' expectations of $67.97 million. Ondas had a negative return on equity of 14.20% and a net margin of 93.55%. As a group, analysts expect that Ondas Holdings Inc. will post -0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ondas news, Director Richard Cohen sold 7,500 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $8.96, for a total transaction of $67,200.00. Following the sale, the director owned 261,836 shares of the company's stock, valued at approximately $2,346,050.56. This trade represents a 2.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Neil Laird sold 4,952 shares of Ondas stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $7.74, for a total value of $38,328.48. Following the completion of the transaction, the chief financial officer owned 42,246 shares in the company, valued at $326,984.04. This represents a 10.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ondas

Institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd raised its holdings in Ondas by 9,274.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,466,373 shares of the company's stock worth $33,832,000 after purchasing an additional 3,429,398 shares in the last quarter. RFG Advisory LLC boosted its holdings in shares of Ondas by 57.0% in the 2nd quarter. RFG Advisory LLC now owns 2,787,202 shares of the company's stock valued at $22,967,000 after buying an additional 1,012,353 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of Ondas in the 4th quarter worth approximately $14,215,000. Bank of New York Mellon Corp bought a new position in shares of Ondas during the 2nd quarter worth approximately $13,158,000. Finally, Bank of America Corp DE raised its stake in shares of Ondas by 1,443.9% during the 1st quarter. Bank of America Corp DE now owns 1,404,812 shares of the company's stock worth $12,700,000 after acquiring an additional 1,313,823 shares in the last quarter. Institutional investors own 37.73% of the company's stock.

About Ondas

Ondas Holdings Inc NASDAQ: ONDS develops autonomous systems and private wireless network technologies for industrial, government and critical-infrastructure applications. Its businesses are focused on collecting and transmitting data in environments where conventional communications or manually operated systems may be limited.

Through its autonomous systems activities, including American Robotics and other related platforms, Ondas provides autonomous drone solutions for applications such as agriculture, infrastructure inspection, public safety and security.

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