Ondas (NASDAQ:ONDS) Stock Price Down 8.5% – Here’s What Happened

Shares of Ondas Holdings Inc. (NASDAQ:ONDS) traded down 8.5% during trading on Wednesday. The company traded as low as $6.13 and last traded at $6.14. 66,103,179 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 80,410,492 shares. The stock had previously closed at $6.71.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Needham & Company LLC restated a “buy” rating and set a $19.00 price objective on shares of Ondas in a research report on Monday, September 14th. Citigroup initiated coverage on Ondas in a research report on Monday, October 5th. They issued a “market outperform” rating for the company. Roth Capital reiterated a “buy” rating on shares of Ondas in a research note on Tuesday, August 18th. Weiss Ratings lowered shares of Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, August 4th. Finally, Oppenheimer boosted their price target on shares of Ondas from $16.00 to $18.00 and gave the company 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 given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.89.

Ondas Stock Down 5.2%

The business has a fifty day simple moving average of $7.77 and a two-hundred day simple moving average of $8.67. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of -86.07 and a beta of 2.92.

Ondas (NASDAQ:ONDS) last issued its earnings results on Thursday, August 13th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.10). The company had revenue of $83.77 million during the quarter, compared to analyst estimates of $67.97 million. Ondas had a negative return on equity of 14.20% and a net margin of 93.55%. As a group, equities analysts predict that Ondas Holdings Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Ondas

In related news, Director Richard M. Cohen sold 7,500 shares of Ondas stock in a transaction dated 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 directly owned 261,836 shares of the company’s stock, valued at $2,346,050.56. This trade represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 company’s 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 sale, the chief financial officer directly owned 42,246 shares in the company, valued at $326,984.04. This represents a 10.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ondas

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Beaird Harris Wealth Management LLC increased its position in Ondas by 3.8% in the fourth quarter. Beaird Harris Wealth Management LLC now owns 27,250 shares of the company’s stock worth $266,000 after purchasing an additional 1,000 shares during the period. State of Wyoming raised its holdings in Ondas by 31.5% during the 1st quarter. State of Wyoming now owns 6,809 shares of the company’s stock worth $62,000 after purchasing an additional 1,631 shares during the last quarter. NFSG Corp lifted its position in Ondas by 200.0% during 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. Steadtrust LLC lifted its position in Ondas by 10.3% during the 2nd quarter. Steadtrust LLC now owns 21,473 shares of the company’s stock valued at $177,000 after purchasing an additional 2,000 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Ondas by 5,373.7% during the 1st 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 during the period. 37.73% of the stock is 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.