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

Ondas Holdings Inc. (NASDAQ:ONDS)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $8.07, but opened at $8.39. Ondas shares last traded at $7.5390, with a volume of 31,984,060 shares.

Analyst Ratings Changes

A number of research firms recently commented on ONDS. Lake Street Capital upped their price objective on Ondas from $9.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, November 26th. Oppenheimer upgraded Ondas from a “market perform” rating to an “outperform” rating and set a $12.00 target price for the company in a research report on Friday, November 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ondas in a research report on Monday. Loop Capital set a $10.00 price objective on shares of Ondas in a research note on Wednesday, November 26th. Finally, Zacks Research cut shares of Ondas from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.67.

Ondas Stock Down 2.9%

The company has a market capitalization of $2.89 billion, a P/E ratio of -19.59 and a beta of 2.42. The firm has a fifty day simple moving average of $7.72 and a 200-day simple moving average of $4.68.

Ondas (NASDAQ:ONDS) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Ondas had a negative net margin of 192.60% and a negative return on equity of 35.16%. The business had revenue of $10.10 million during the quarter, compared to analyst estimates of $7.04 million. On average, sell-side analysts predict that Ondas Holdings Inc. will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Ondas

In other news, Director Ron Stern sold 850,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $7.91, for a total value of $6,723,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by company insiders.

Institutional Trading of Ondas

Hedge funds and other institutional investors have recently modified their holdings of the company. IFP Advisors Inc grew its holdings in shares of Ondas by 231.4% during the third quarter. IFP Advisors Inc now owns 4,142 shares of the company’s stock worth $32,000 after buying an additional 2,892 shares in the last quarter. Wexford Capital LP acquired a new stake in shares of Ondas in the third quarter valued at approximately $67,000. HBK Sorce Advisory LLC bought a new position in Ondas in the third quarter valued at $77,000. SG Americas Securities LLC bought a new stake in Ondas in the 3rd quarter valued at $78,000. Finally, Shikiar Asset Management Inc. acquired a new stake in Ondas during the 3rd quarter valued at $85,000. Institutional investors and hedge funds own 37.73% of the company’s stock.

Ondas Company Profile

Ondas Holdings Inc, through its subsidiaries, provides private wireless, drone, and automated data solutions. It operates in two segments, Ondas Networks and Ondas Autonomous Systems. The company designs, develops, manufactures, sells, and supports FullMAX, a software defined radio (SDR) platform for wide-area broadband networks.