Ondas (NASDAQ:ONDS) Shares Up 11.1% – Here’s Why

Ondas Holdings Inc. (NASDAQ:ONDS)’s stock price was up 11.1% during trading on Friday. The stock traded as high as $5.08 and last traded at $5.0220. 14,252,840 shares traded hands during trading, a decline of 82% from the average session volume of 77,359,930 shares. The stock had previously closed at $4.52.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ONDS. Oppenheimer increased their target price on Ondas from $16.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Citizens Jmp started coverage on Ondas in a research note on Monday, October 5th. They issued an “outperform” rating and a $14.00 price target on the stock. Wall Street Zen cut Ondas from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Needham & Company LLC reiterated 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 note on Tuesday, August 18th. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $16.89.

Ondas Trading Up 13.4%

The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of -74.33 and a beta of 3.10. The firm’s fifty day simple moving average is $6.94 and its two-hundred day simple moving average is $8.92.

Ondas (NASDAQ:ONDS) last posted 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). The firm 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%. As a group, analysts forecast that Ondas Holdings Inc. will post -0.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Neil J. Laird sold 4,952 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 42,246 shares in the company, valued at approximately $326,984.04. This represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard M. Cohen sold 7,500 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $8.96, for a total value 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 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.

Hedge Funds Weigh In On Ondas

Large investors have recently modified their holdings of the business. Pinnacle Wealth Planning Services Inc. increased 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 last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in Ondas in the 3rd quarter valued at about $26,000. NFSG Corp raised its holdings in Ondas by 200.0% in the 1st quarter. NFSG Corp now owns 3,000 shares of the company’s stock valued at $27,000 after buying an additional 2,000 shares during the period. EverSource Wealth Advisors LLC lifted its position in Ondas by 5,373.7% in the first quarter. EverSource Wealth Advisors LLC now owns 3,120 shares of the company’s stock valued at $28,000 after buying an additional 3,063 shares during the last quarter. Finally, Western Wealth Management LLC acquired a new position in Ondas in the first quarter valued at about $28,000. 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 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.