Ondas (NASDAQ:ONDS) Stock Price Up 3.4% – Here’s Why

Ondas Holdings Inc. (NASDAQ:ONDS)’s share price was up 3.4% on Thursday. The stock traded as high as $6.37 and last traded at $6.35. Approximately 73,617,311 shares traded hands during mid-day trading, a decline of 8% from the average session volume of 80,384,914 shares. The stock had previously closed at $6.14.

Analyst Ratings Changes

A number of research analysts have commented on ONDS shares. Wall Street Zen downgraded Ondas from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Citigroup initiated coverage on Ondas in a report on Monday, October 5th. They issued a “market outperform” rating for the company. 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. Roth Capital restated a “buy” rating on shares of Ondas in a research note on Tuesday, August 18th. Finally, Oppenheimer lifted their price objective on shares of Ondas from $16.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.89.

Ondas Price Performance

The company has a market capitalization of $3.70 billion, a P/E ratio of -90.71 and a beta of 2.92. The company has a fifty day moving average price of $7.82 and a 200 day moving average price of $8.69.

Ondas (NASDAQ:ONDS) last announced its quarterly 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). Ondas had a negative return on equity of 14.20% and a net margin of 93.55%. The company had revenue of $83.77 million during the quarter, compared to the consensus estimate of $67.97 million. On average, equities research analysts predict that Ondas Holdings Inc. will post -0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard Cohen sold 7,500 shares of the business’s stock in a transaction on 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 owned 261,836 shares of the company’s stock, valued at approximately $2,346,050.56. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Neil Laird sold 4,952 shares of the 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 in the company, valued at approximately $326,984.04. This trade represents a 10.49% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.67% of the company’s stock.

Institutional Trading of Ondas

Large investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd raised its stake in Ondas by 9,274.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,466,373 shares of the company’s stock valued at $33,832,000 after acquiring an additional 3,429,398 shares in the last quarter. RFG Advisory LLC grew its stake in shares of Ondas by 57.0% in the second quarter. RFG Advisory LLC now owns 2,787,202 shares of the company’s stock worth $22,967,000 after purchasing an additional 1,012,353 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Ondas in the second quarter worth $13,158,000. Bank of America Corp DE increased its holdings in shares of Ondas by 1,443.9% during the first quarter. Bank of America Corp DE now owns 1,404,812 shares of the company’s stock valued at $12,700,000 after purchasing an additional 1,313,823 shares during the period. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD increased its holdings in shares of Ondas by 63.0% during the second quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 1,016,941 shares of the company’s stock valued at $8,380,000 after purchasing an additional 393,133 shares during the period. 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 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.