Ondas (NASDAQ:ONDS) Stock Falls 14.2% - What's Next?

Key Points

• Ondas shares dropped 14.2% to $4.52 on Thursday, with about 63.9 million shares traded—18% below the average daily volume.
• Analyst sentiment remains broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $16.89, with 11 Buy, one Hold, and one Sell rating.
• In its latest reported quarter, Ondas posted an adjusted loss of $0.19 per share, missing estimates, while revenue of $83.77 million exceeded expectations; analysts forecast a loss for the current fiscal year.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s stock price was down 14.2% during trading on Thursday. The stock traded as low as $4.38 and last traded at $4.52. 63,851,985 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 77,640,852 shares. The stock had previously closed at $5.27.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ONDS shares. 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 lifted their price objective on shares of Ondas from $16.00 to $18.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Citizens Jmp began coverage on shares of Ondas in a research note on Monday, October 5th. They issued an "outperform" rating and a $14.00 price objective on the stock. Weiss Ratings restated a "sell (d+)" rating on shares of Ondas in a research report on Monday. Finally, Roth Capital restated a "buy" rating on shares of Ondas in a research note on Tuesday, August 18th. Eleven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Ondas presently has an average rating of "Moderate Buy" and an average price target of $16.89.

Ondas Stock Performance

The company has a market capitalization of $2.63 billion, a P/E ratio of -64.57 and a beta of 3.10. The firm's fifty day moving average is $7.01 and its 200-day moving average is $8.95.

Ondas (NASDAQ:ONDS - Get Free Report) last issued 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 company had revenue of $83.77 million during 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%. As a group, analysts expect that Ondas Holdings Inc. will post -0.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Richard Cohen sold 7,500 shares of the firm's 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 $2,346,050.56. This trade represents a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 the firm's 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 sale, the chief financial officer directly owned 42,246 shares in the company, valued at approximately $326,984.04. This trade represents a 10.49% decrease in their position. The SEC filing for this sale provides additional information. 1.67% of the stock is currently owned by corporate insiders.

Institutional Trading of Ondas

Hedge funds have recently made changes to their positions in the company. Consolidated Investment Group LLC bought a new position in shares of Ondas during the third quarter worth about $1,385,000. StoneX Group Inc. acquired a new position in shares of Ondas in the third quarter worth approximately $535,000. Pictet Asset Management Holding SA boosted its holdings in Ondas by 5.8% in the third quarter. Pictet Asset Management Holding SA now owns 199,879 shares of the company's stock valued at $1,465,000 after acquiring an additional 11,010 shares during the last quarter. Verus Capital Partners LLC boosted its holdings in Ondas by 31.9% in the third quarter. Verus Capital Partners LLC now owns 93,550 shares of the company's stock valued at $686,000 after acquiring an additional 22,600 shares during the last quarter. Finally, CenterBook Partners LP bought a new stake in Ondas in the third quarter valued at approximately $673,000. 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 businesses are focused on enabling automated data collection, remote monitoring, inspection, and secure communications in environments where conventional connectivity or manually operated equipment may be less effective.

Through its Ondas Autonomous Systems businesses, including American Robotics and Airobotics, the company offers autonomous unmanned aerial systems, drone-in-a-box platforms, and related software and services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.