Ondas (NASDAQ:ONDS) Shares Down 2.9% - Here's Why

Key Points

• Ondas shares fell 2.9% to $7.12 in mid-day trading, with volume of about 40.7 million shares—roughly half the average daily volume.
• Analyst sentiment remains broadly positive: eight analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $17.18, although some firms recently downgraded the shares.
• Ondas missed quarterly EPS expectations, reporting a loss of $0.19 per share versus the expected $0.09 loss, despite revenue of $83.77 million exceeding estimates; insiders also recently sold shares.

Shares of Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) fell 2.9% during mid-day trading on Thursday. The stock traded as low as $7.12 and last traded at $7.12. Approximately 40,711,620 shares traded hands during trading, a decline of 50% from the average daily volume of 81,583,617 shares. The stock had previously closed at $7.33.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $19.00 target price on shares of Ondas in a research note on Monday, September 14th. Oppenheimer lifted their target price on Ondas from $16.00 to $18.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Wall Street Zen cut shares of Ondas from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Weiss Ratings downgraded Ondas from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, August 4th. Finally, LADENBURG THALM/SH SH upped their target price on shares of Ondas from $21.50 to $22.75 and gave the stock a "buy" rating in a research note on Monday, August 17th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $17.18.

Ondas Stock Performance

The business has a fifty day moving average of $8.02 and a two-hundred day moving average of $8.94. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of -101.71 and a beta of 2.74.

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

Insider Buying and Selling at Ondas

In related news, Director Richard M. Cohen sold 7,500 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $8.96, for a total value of $67,200.00. Following the completion of the sale, the director directly owned 261,836 shares in the company, valued at approximately $2,346,050.56. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Neil J. 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 directly owned 42,246 shares of the company's stock, valued at $326,984.04. This represents a 10.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.67% of the stock is owned by company insiders.

Institutional Trading of Ondas

Several large investors have recently bought and sold shares of the business. NFSG Corp grew its holdings in shares of Ondas by 200.0% during the 1st quarter. NFSG Corp now owns 3,000 shares of the company's stock valued at $27,000 after purchasing an additional 2,000 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Ondas by 5,373.7% in the first quarter. EverSource Wealth Advisors LLC now owns 3,120 shares of the company's stock valued at $28,000 after buying an additional 3,063 shares in the last quarter. Western Wealth Management LLC bought a new stake in shares of Ondas during the first quarter worth $28,000. AdvisorNet Financial Inc acquired a new position in shares of Ondas during the first quarter worth $35,000. Finally, International Assets Investment Management LLC lifted its stake in shares of Ondas by 813.3% in the 1st quarter. International Assets Investment Management LLC now owns 4,941 shares of the company's stock valued at $44,000 after acquiring an additional 4,400 shares during the last quarter. 37.73% of the stock is owned by institutional investors and hedge funds.

About Ondas

Ondas Holdings Inc NASDAQ: ONDS develops autonomous drone systems and private wireless networking solutions for industrial, government and critical-infrastructure applications. Its technologies are designed to support remote monitoring, inspection, security, public safety and other operations that require persistent data collection and reliable communications.

Through its subsidiaries, including American Robotics and Ondas Networks, the company offers autonomous drone platforms, command-and-control software, aerial intelligence solutions and industrial-grade wireless networks.

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