Ondas (NASDAQ:ONDS) Shares Down 4.9% - Here's Why

Key Points

• Ondas shares fell 4.9% to $6.04, with trading volume at roughly 39.2 million shares—about 51% below the average daily volume.
• Analyst sentiment remains broadly positive: 10 analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $16.89. However, Weiss Ratings downgraded the stock to Sell.
• Ondas missed quarterly EPS expectations, reporting a loss of $0.19 per share versus the projected $0.09 loss, though revenue of $83.77 million exceeded estimates. Insiders have recently sold shares, while institutional investors own 37.73% of the company.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s share price traded down 4.9% on Friday. The company traded as low as $5.91 and last traded at $6.04. Approximately 39,190,375 shares changed hands during trading, a decline of 51% from the average daily volume of 80,182,680 shares. The stock had previously closed at $6.35.

Analysts Set New Price Targets

Several brokerages recently commented on ONDS. LADENBURG THALM/SH SH lifted their price objective on Ondas from $21.50 to $22.75 and gave the stock a "buy" rating in a report on Monday, August 17th. Citizens Jmp assumed coverage on Ondas in a report on Monday, October 5th. They issued an "outperform" rating and a $14.00 target price on the stock. Roth Capital reissued a "buy" rating on shares of Ondas in a research report on Tuesday, August 18th. Oppenheimer raised their target price on Ondas from $16.00 to $18.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Finally, Weiss Ratings downgraded Ondas from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, August 4th. Ten investment 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's stock. According to data from MarketBeat.com, Ondas has a consensus rating of "Moderate Buy" and a consensus price target of $16.89.

Ondas Stock Performance

The company's fifty day moving average is $7.77 and its 200-day moving average is $8.67. The company has a market capitalization of $3.52 billion, a PE ratio of -86.29 and a beta of 2.92.

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

Insider Activity at Ondas

In other Ondas news, Director Richard M. Cohen sold 7,500 shares of Ondas stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $8.96, for a total value of $67,200.00. Following 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 position. The sale was disclosed in a legal 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 dated Thursday, September 24th. The stock was sold at an average price of $7.74, for a total value of $38,328.48. Following the completion of the sale, the chief financial officer directly owned 42,246 shares in the company, valued at $326,984.04. This trade represents a 10.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ondas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd raised its holdings in shares of Ondas by 9,274.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,466,373 shares of the company's stock worth $33,832,000 after acquiring an additional 3,429,398 shares in the last quarter. RFG Advisory LLC raised its stake in Ondas by 57.0% during the second quarter. RFG Advisory LLC now owns 2,787,202 shares of the company's stock valued at $22,967,000 after purchasing an additional 1,012,353 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Ondas in the 2nd quarter worth $13,158,000. Bank of America Corp DE raised its position 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 valued at $12,700,000 after buying an additional 1,313,823 shares in the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD grew its position in Ondas by 63.0% in the second quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 1,016,941 shares of the company's stock worth $8,380,000 after acquiring an additional 393,133 shares in the last quarter. 37.73% of the stock is owned by institutional investors.

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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