Ondas (NASDAQ:ONDS) Stock Price Down 4.7% - Here's What Happened

Key Points

• Ondas shares fell 4.7% to $6.85 in Thursday trading, with approximately 60.2 million shares changing hands. The stock remains below its 50-day and 200-day moving averages of $7.98 and $8.82, respectively.
• Analyst sentiment is broadly positive: ten analysts rate the stock a Buy, one rates it Hold and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $16.89.
• Ondas missed quarterly EPS expectations, reporting a loss of $0.19 per share versus the expected $0.09 loss, although revenue of $83.77 million exceeded estimates. Company insiders also recently sold shares, while institutional investors own 37.73% of the stock.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s share price was down 4.7% on Thursday. The company traded as low as $6.79 and last traded at $6.85. Approximately 60,179,195 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 80,786,703 shares. The stock had previously closed at $7.19.

Analyst Ratings Changes

A number of research analysts recently commented on ONDS shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 price target on shares of Ondas in a report on Monday, September 14th. Citigroup initiated coverage on Ondas in a research note on Monday. They issued a "market outperform" rating for the company. Oppenheimer boosted their target price on Ondas from $16.00 to $18.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Weiss Ratings downgraded Ondas from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, August 4th. Finally, LADENBURG THALM/SH SH boosted their price objective on shares of Ondas from $21.50 to $22.75 and gave the company a "buy" rating in a research report on Monday, August 17th. Ten equities research 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. Based on data from MarketBeat, Ondas has a consensus rating of "Moderate Buy" and a consensus price target of $16.89.

Ondas Stock Performance

The firm has a fifty day simple moving average of $7.98 and a 200 day simple moving average of $8.82. The company has a market capitalization of $3.99 billion, a PE ratio of -97.86 and a beta of 2.92.

Ondas (NASDAQ:ONDS - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.19) earnings per share (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 analysts' expectations of $67.97 million. Ondas had a net margin of 93.55% and a negative return on equity of 14.20%. Research analysts expect that Ondas Holdings Inc. will post -0.47 EPS for the current fiscal year.

Insider Activity at Ondas

In other Ondas news, Director Richard M. Cohen sold 7,500 shares of the 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 sale, the director directly owned 261,836 shares of the company's stock, valued at approximately $2,346,050.56. This trade represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Neil J. Laird sold 4,952 shares of the company's stock in a transaction dated 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 in the company, valued at $326,984.04. The trade was a 10.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.67% of the company's stock.

Hedge Funds Weigh In On Ondas

A number of large investors have recently bought and sold shares of ONDS. Valeo Financial Advisors LLC purchased a new stake in Ondas during the 3rd quarter valued at about $140,000. BlueCrest Capital Management Ltd purchased a new stake in Ondas in the second quarter valued at $330,000. WINTON GROUP Ltd purchased a new stake in Ondas in the 2nd quarter valued at about $2,294,000. RFG Advisory LLC lifted its holdings in shares of Ondas by 57.0% in 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, NewEdge Advisors LLC boosted its position in shares of Ondas by 47.4% during the second quarter. NewEdge Advisors LLC now owns 43,484 shares of the company's stock worth $358,000 after buying an additional 13,993 shares during the period. Institutional investors and hedge funds own 37.73% of the company's stock.

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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