Ondas (NASDAQ:ONDS) Stock Jumps 2.9% - Time to Buy?

Key Points

• Ondas shares rose 2.9% to $5.73 on Wednesday, while trading volume was 43% below its average.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $16.89; 11 rate the stock Buy, one Hold, and one Sell.
• Its latest reported quarter included an EPS loss of $0.19, missing estimates, despite revenue of $83.77 million topping expectations. Company insiders sold shares, while some institutional investors increased their stakes.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s share price traded up 2.9% on Wednesday. The company traded as high as $5.90 and last traded at $5.73. 44,210,014 shares traded hands during trading, a decline of 43% from the average daily volume of 77,062,070 shares. The stock had previously closed at $5.57.

Wall Street Analysts Forecast Growth

ONDS has been the topic of a number of research analyst reports. Roth Capital reiterated a "buy" rating on shares of Ondas in a research report on Tuesday, August 18th. Oppenheimer raised their price target on Ondas from $16.00 to $18.00 and gave the company an "outperform" rating in a report on Friday, August 14th. The Goldman Sachs Group upgraded shares of Ondas to a "buy" rating in a research report on Monday, November 2nd. Citigroup reissued a "market outperform" rating on shares of Ondas in a research note on Monday, October 19th. Finally, Ladenburg Thalmann & Co. Inc. boosted their target price on shares of Ondas from $21.50 to $22.75 and gave the stock a "buy" rating in a report on Monday, August 17th. Eleven 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. Based on data from MarketBeat.com, Ondas presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.89.

Ondas Trading Up 2.9%

The firm has a market capitalization of $3.34 billion, a P/E ratio of -81.86 and a beta of 3.10. The firm has a 50 day moving average price of $6.79 and a 200-day moving average price of $8.81.

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 net margin of 93.55% and a negative return on equity of 14.20%. The company had revenue of $83.77 million for the quarter, compared to the consensus estimate of $67.97 million. Research analysts anticipate that Ondas Holdings Inc. will post -0.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Neil Laird sold 4,952 shares of the 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 owned 42,246 shares of the company's stock, valued at approximately $326,984.04. This represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard Cohen sold 7,500 shares of the firm's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $8.96, for a total transaction of $67,200.00. Following the completion of 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.67% of the company's stock.

Institutional Trading of Ondas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC boosted its position in shares of Ondas by 183.7% during the third quarter. Voya Investment Management LLC now owns 6,612,440 shares of the company's stock valued at $48,469,000 after buying an additional 4,281,842 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Ondas during the 2nd quarter worth approximately $13,158,000. Bank of America Corp DE lifted 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 during the last quarter. RFG Advisory LLC lifted its stake in shares of Ondas by 57.0% during the 2nd quarter. RFG Advisory LLC now owns 2,787,202 shares of the company's stock worth $22,967,000 after acquiring an additional 1,012,353 shares during the last quarter. Finally, Oddo BHF Asset Management Sas purchased a new position in Ondas during the 1st quarter valued at $5,000,000. 37.73% of the stock is owned by hedge funds and other institutional investors.

About Ondas

Ondas Holdings is a technology company that develops private wireless networks and autonomous systems for industrial, government and security applications. Its businesses include Ondas Networks and Ondas Autonomous Systems. Ondas Networks provides private broadband wireless solutions for mission-critical communications. Its FullMAX platform is designed to support applications such as rail communications and industrial data networks. Ondas Autonomous Systems develops autonomous drone and counter-drone technologies, including systems for infrastructure inspection, security and public safety.

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