Ondas (NASDAQ:ONDS) Stock Falls 6.7% – Should You Sell?

Ondas Holdings Inc. (NASDAQ:ONDS)’s share price fell 6.7% during mid-day trading on Tuesday. The company traded as low as $5.45 and last traded at $5.57. Approximately 40,723,874 shares traded hands during trading, a decline of 47% from the average daily volume of 77,194,086 shares. The stock had previously closed at $5.97.

Analyst Upgrades and Downgrades

ONDS has been the topic of a number of research reports. Citizens Jmp started coverage on shares of Ondas in a research note on Monday, October 5th. They issued an “outperform” rating and a $14.00 target price on the stock. Oppenheimer upped their price target on Ondas from $16.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. The Goldman Sachs Group upgraded Ondas to a “buy” rating in a research report on Monday, November 2nd. Weiss Ratings reissued a “sell (d+)” rating on shares of Ondas in a research note on Monday, November 2nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $19.00 price target on shares of Ondas in a research note on Monday, September 14th. Eleven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.89.

Ondas Stock Down 6.7%

The firm has a market cap of $3.24 billion, a price-to-earnings ratio of -79.57 and a beta of 3.10. The company’s 50-day moving average price is $6.83 and its 200-day moving average price is $8.84.

Ondas (NASDAQ:ONDS) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.19) 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 business had revenue of $83.77 million during the quarter, compared to analyst estimates of $67.97 million. On average, sell-side analysts predict that Ondas Holdings Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Activity at Ondas

In related news, Director Richard M. Cohen sold 7,500 shares of the 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 transaction, the director owned 261,836 shares of the company’s stock, valued at $2,346,050.56. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Neil J. Laird sold 4,952 shares of the stock in a transaction on Thursday, September 24th. The shares were 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 $326,984.04. This trade represents a 10.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Salem Investment Counselors Inc. acquired a new stake in Ondas during the 3rd quarter worth $3,075,000. The Manufacturers Life Insurance Company boosted its stake in shares of Ondas by 664.0% in the first quarter. The Manufacturers Life Insurance Company now owns 129,481 shares of the company’s stock valued at $1,171,000 after buying an additional 112,534 shares in the last quarter. CI Investments Inc. acquired a new position in shares of Ondas during the 1st quarter worth $4,255,000. Royal Bank of Canada lifted its position in shares of Ondas by 160.1% during the 1st quarter. Royal Bank of Canada now owns 384,656 shares of the company’s stock valued at $3,477,000 after acquiring an additional 236,782 shares during the period. Finally, Oddo BHF Asset Management Sas purchased a new stake in Ondas during the first quarter worth $5,000,000. 37.73% of the stock is owned by institutional investors and hedge funds.

Ondas Company Profile

Ondas Holdings is a technology company that develops private wireless networks and autonomous systems for industrial, government and security applications. Its businesses include Ondas Networks and Ondas Autonomous Systems. Ondas Networks provides private broadband wireless solutions for mission-critical communications. Its FullMAX platform is designed to support applications such as rail communications and industrial data networks. Ondas Autonomous Systems develops autonomous drone and counter-drone technologies, including systems for infrastructure inspection, security and public safety.