Ondas (NASDAQ:ONDS) Shares Down 8.5% - What's Next?

Key Points

• Ondas shares fell 8.5% to $6.14 on heavy trading volume, though volume was 18% below the average session level. The stock remains below its 50-day and 200-day moving averages of $7.87 and $8.71, respectively.
• Analyst sentiment remains broadly positive: ten analysts rate the stock Buy, one rates it Hold and one rates it Sell. The consensus is “Moderate Buy” with an average price target of $16.89.
• Ondas missed quarterly earnings expectations, reporting a loss of $0.19 per share versus the projected $0.09 loss, despite revenue exceeding estimates. Insiders also recently sold shares, while institutional investors and hedge funds own 37.73% of the company.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s stock price traded down 8.5% during trading on Wednesday. The company traded as low as $6.13 and last traded at $6.14. Approximately 66,103,179 shares traded hands during trading, a decline of 18% from the average session volume of 80,410,492 shares. The stock had previously closed at $6.71.

Analyst Upgrades and Downgrades

ONDS has been the topic of several recent analyst reports. Citizens Jmp began coverage on Ondas in a report on Monday, October 5th. They issued an "outperform" rating and a $14.00 price target on the stock. Oppenheimer increased their price target on Ondas from $16.00 to $18.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Wall Street Zen downgraded Ondas from a "sell" rating to a "strong sell" rating in a report on Saturday, August 15th. Citigroup started coverage on shares of Ondas in a research report on Monday, October 5th. They issued a "market outperform" rating on the stock. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 target price on shares of Ondas in a report on Monday, September 14th. Ten investment 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, Ondas presently has a consensus rating of "Moderate Buy" and an average target price of $16.89.

Ondas Stock Performance

The business's 50-day simple moving average is $7.87 and its 200-day simple moving average is $8.71. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of -87.71 and a beta of 2.92.

Ondas (NASDAQ:ONDS - Get Free Report) last released its 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). Ondas had a negative return on equity of 14.20% and a net margin of 93.55%. The business had revenue of $83.77 million for the quarter, compared to the consensus estimate of $67.97 million. On average, analysts forecast that Ondas Holdings Inc. will post -0.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Neil J. Laird sold 4,952 shares of the firm's stock in a transaction on 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 owned 42,246 shares of the company's stock, valued at $326,984.04. This trade represents a 10.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 sale, the director owned 261,836 shares of the company's stock, valued at $2,346,050.56. The trade was a 2.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.67% of the company's stock.

Hedge Funds Weigh In On Ondas

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

Ondas Company Profile

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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