Ondas (NASDAQ:ONDS) Stock Price Down 3% - Here's Why

Key Points

• Ondas shares fell 3% to $7.19 in mid-day trading, below both the 50-day moving average of $7.97 and the 200-day average of $8.84.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $16.89, although some ratings were downgraded to sell.
• The company missed quarterly earnings estimates, reporting a loss of $0.19 per share versus the expected $0.09 loss. Company insiders also recently sold shares, while institutional investors own 37.73% of the stock.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report) shares fell 3% during mid-day trading on Wednesday. The stock traded as low as $7.01 and last traded at $7.19. 61,131,959 shares traded hands during trading, a decline of 24% from the average daily volume of 80,874,391 shares. The stock had previously closed at $7.41.

Wall Street Analyst Weigh In

ONDS has been the subject of several recent research reports. Oppenheimer boosted their price objective on Ondas from $16.00 to $18.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Wall Street Zen cut shares of Ondas from a "sell" rating to a "strong sell" rating in a report on Saturday, August 15th. Weiss Ratings lowered shares of Ondas from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, August 4th. Needham & Company LLC reissued a "buy" rating and set a $19.00 price target on shares of Ondas in a research report on Monday, September 14th. Finally, Roth Capital reissued a "buy" rating on shares of Ondas in a research report on Tuesday, August 18th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $16.89.

Ondas Trading Down 3.0%

The firm has a fifty day simple moving average of $7.97 and a two-hundred day simple moving average of $8.84. The firm has a market cap of $4.19 billion, a PE ratio of -102.71 and a beta of 2.92.

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

Insider Buying and Selling at Ondas

In other Ondas news, Director Richard M. Cohen sold 7,500 shares of the company's 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 completion of the transaction, the director directly owned 261,836 shares in the company, valued at approximately $2,346,050.56. This represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Neil J. Laird sold 4,952 shares of the firm's stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $7.74, for a total transaction of $38,328.48. Following the completion of the sale, the chief financial officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.67% of the company's stock.

Hedge Funds Weigh In On Ondas

A number of institutional investors have recently bought and sold shares of ONDS. BlueCrest Capital Management Ltd purchased a new position in shares of Ondas during the 2nd quarter worth approximately $330,000. WINTON GROUP Ltd purchased a new position in shares of Ondas in the 2nd quarter valued at approximately $2,294,000. RFG Advisory LLC boosted its position in shares of 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. NewEdge Advisors LLC grew its stake in Ondas by 47.4% in the second quarter. NewEdge Advisors LLC now owns 43,484 shares of the company's stock worth $358,000 after purchasing an additional 13,993 shares during the period. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD grew its stake 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 purchasing an additional 393,133 shares during the period. 37.73% of the stock is owned by institutional investors.

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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