Ondas (NASDAQ:ONDS) Stock Jumps 3.2% - Here's Why

Key Points

• Ondas shares rose 3.2% to $6.86, although trading volume was 44% below the average session volume.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $16.89; recent targets range from $14 to $22.75.
• The company missed quarterly EPS estimates, reporting a loss of $0.19 per share versus the expected $0.09 loss, but revenue of $83.77 million exceeded estimates. Insiders recently sold shares, while institutional investors own 37.73% of the stock.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s share price traded up 3.2% on Wednesday. The company traded as high as $6.88 and last traded at $6.86. 44,251,669 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 78,532,703 shares. The stock had previously closed at $6.65.

Analysts Set New Price Targets

ONDS has been the subject of several research reports. Oppenheimer boosted their price objective on Ondas from $16.00 to $18.00 and gave the stock an "outperform" rating in a research note on Friday, August 14th. Needham & Company LLC reissued a "buy" rating and issued a $19.00 price objective on shares of Ondas in a research note on Monday, September 14th. LADENBURG THALM/SH SH lifted 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. Citizens Jmp initiated coverage on shares of Ondas in a research note on Monday, October 5th. They set an "outperform" rating and a $14.00 target price on the stock. Finally, Wall Street Zen lowered shares of Ondas from a "sell" rating to a "strong sell" rating in a report on Saturday, August 15th. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $16.89.

Ondas Stock Performance

The business has a 50 day simple moving average of $7.31 and a 200-day simple moving average of $9.18. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of -98.00 and a beta of 2.92.

Ondas (NASDAQ:ONDS - Get Free Report) last announced its quarterly 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 firm had revenue of $83.77 million for the quarter, compared to analyst estimates of $67.97 million. Equities analysts predict that Ondas Holdings Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Neil J. Laird sold 4,952 shares of the business's stock in a transaction dated 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. The trade was a 10.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard M. Cohen sold 7,500 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $8.96, for a total transaction of $67,200.00. Following the completion of the transaction, the director directly owned 261,836 shares in the company, valued at $2,346,050.56. The trade was 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. Corporate insiders own 1.67% of the company's stock.

Institutional Investors Weigh In On Ondas

Institutional investors have recently made changes to their positions in the stock. Pinnacle Wealth Planning Services Inc. boosted its position in shares of Ondas by 7,185.7% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 3,570 shares of the company's stock worth $26,000 after purchasing an additional 3,521 shares during the period. Oppenheimer & Co. Inc. raised its position in Ondas by 17.2% in the third quarter. Oppenheimer & Co. Inc. now owns 1,156,205 shares of the company's stock valued at $8,475,000 after purchasing an additional 170,075 shares during the period. Sowell Financial Services LLC raised its position in Ondas by 47.1% in the third quarter. Sowell Financial Services LLC now owns 21,366 shares of the company's stock valued at $157,000 after purchasing an additional 6,844 shares during the period. Wedbush Securities Inc. lifted its stake in Ondas by 5.5% during the third quarter. Wedbush Securities Inc. now owns 36,250 shares of the company's stock worth $266,000 after purchasing an additional 1,900 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its stake in Ondas by 935.9% during the third quarter. Sterling Capital Management LLC now owns 17,755 shares of the company's stock worth $130,000 after purchasing an additional 16,041 shares in the last quarter. 37.73% of the stock is currently 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.

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