Ondas (NASDAQ:ONDS) Stock Price Down 4% – Here’s Why

Ondas Holdings Inc. (NASDAQ:ONDS)’s share price dropped 4% during trading on Thursday. The company traded as low as $5.89 and last traded at $6.02. 36,710,430 shares were traded during trading, a decline of 54% from the average daily volume of 79,285,898 shares. The stock had previously closed at $6.27.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ONDS shares. LADENBURG THALM/SH SH increased their target price on Ondas from $21.50 to $22.75 and gave the company a “buy” rating in a research note on Monday, August 17th. Citigroup restated a “market outperform” rating on shares of Ondas in a report on Monday, October 19th. Weiss Ratings lowered Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, August 4th. Roth Capital restated a “buy” rating on shares of Ondas in a research report on Tuesday, August 18th. Finally, Oppenheimer upped their price target on Ondas from $16.00 to $18.00 and gave the company an “outperform” rating in a research note 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’s stock. Based on data from MarketBeat, Ondas presently has an average rating of “Moderate Buy” and a consensus price target of $16.89.

Ondas Stock Up 3.0%

The company’s fifty day simple moving average is $7.38 and its two-hundred day simple moving average is $8.55. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of -88.57 and a beta of 2.92.

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 net margin of 93.55% and a negative return on equity of 14.20%. The firm had revenue of $83.77 million during the quarter, compared to analyst estimates of $67.97 million. Equities research analysts expect that Ondas Holdings Inc. will post -0.47 earnings per share for the current year.

Insider Activity

In other Ondas news, CFO Neil Laird sold 4,952 shares of the business’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 transaction, the chief financial officer directly owned 42,246 shares of the company’s stock, valued at approximately $326,984.04. The trade was a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard Cohen sold 7,500 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $8.96, for a total value of $67,200.00. Following the completion of the transaction, the director directly 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Ondas

Several institutional investors and hedge funds have recently modified their holdings of the business. NFSG Corp raised its stake in shares of 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 purchasing an additional 2,000 shares during the period. Western Wealth Management LLC bought a new stake in shares of Ondas in the first quarter valued at about $28,000. EverSource Wealth Advisors LLC lifted its holdings in shares of 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 purchasing an additional 3,063 shares in the last quarter. AdvisorNet Financial Inc bought a new stake in shares of Ondas in the first quarter valued at about $35,000. Finally, International Assets Investment Management LLC boosted its position in shares of Ondas by 813.3% during the first quarter. International Assets Investment Management LLC now owns 4,941 shares of the company’s stock worth $44,000 after buying an additional 4,400 shares during the period. 37.73% of the stock is currently owned by institutional investors and hedge funds.

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.