Ondas (NASDAQ:ONDS) Stock Price Down 9% - Here's Why

Key Points

• Ondas shares fell 9% to $5.75 in Monday trading, with 36.97 million shares changing hands—about 53% below average volume.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $16.89, although ratings range from “Buy” to “Strong Sell.”
• The company missed quarterly EPS expectations, reporting a loss of $0.19 per share versus the expected $0.09 loss, despite revenue of $83.77 million exceeding forecasts.

Ondas Holdings Inc. (NASDAQ:ONDS - Get Free Report)'s stock price traded down 9% during trading on Monday. The stock traded as low as $5.72 and last traded at $5.75. 36,965,087 shares were traded during trading, a decline of 53% from the average session volume of 78,051,070 shares. The stock had previously closed at $6.32.

Analysts Set New Price Targets

Several brokerages have commented on ONDS. LADENBURG THALM/SH SH raised their price target on shares of Ondas from $21.50 to $22.75 and gave the company a "buy" rating in a report on Monday, August 17th. Citigroup reiterated a "market outperform" rating on shares of Ondas in a research report on Monday, October 19th. Weiss Ratings downgraded Ondas from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, August 4th. Needham & Company LLC reissued a "buy" rating and set a $19.00 price objective on shares of Ondas in a research note on Monday, September 14th. Finally, Wall Street Zen cut shares of Ondas from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Eleven 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 company. According to data from MarketBeat, Ondas currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.89.

Ondas Price Performance

The stock has a market capitalization of $3.35 billion, a P/E ratio of -82.14 and a beta of 3.10. The firm's 50 day moving average price is $7.18 and its 200 day moving average price is $9.07.

Ondas (NASDAQ:ONDS - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.10). The company had revenue of $83.77 million for 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%. On average, equities research analysts forecast that Ondas Holdings Inc. will post -0.47 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Neil J. Laird sold 4,952 shares of Ondas 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 owned 42,246 shares in the company, valued at $326,984.04. This trade represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $8.96, for a total transaction of $67,200.00. Following the transaction, the director 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.67% of the company's stock.

Institutional Trading of Ondas

Several large investors have recently made changes to their positions in ONDS. Bank of New York Mellon Corp purchased a new position in Ondas in the 2nd quarter worth approximately $13,158,000. Bank of America Corp DE grew its position in Ondas by 1,443.9% in the first 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 period. RFG Advisory LLC increased its stake in Ondas by 57.0% during the second 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. Oddo BHF Asset Management Sas acquired a new stake in Ondas during the first quarter worth $5,000,000. Finally, Cetera Investment Advisers grew its holdings in shares of Ondas by 281.3% during the 1st quarter. Cetera Investment Advisers now owns 707,486 shares of the company's stock worth $6,396,000 after purchasing an additional 521,944 shares during the period. 37.73% of the stock is currently owned by hedge funds and other institutional investors.

About Ondas

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.