Ondas (NASDAQ:ONDS) Stock Price Down 14.2% – Should You Sell?

Ondas Holdings Inc. (NASDAQ:ONDS) dropped 14.2% during mid-day trading on Thursday. The company traded as low as $4.38 and last traded at $4.52. Approximately 63,851,985 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 77,640,852 shares. The stock had previously closed at $5.27.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ONDS shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ondas in a research report on Monday. Citizens Jmp initiated coverage on shares of Ondas in a research note on Monday, October 5th. They set an “outperform” rating and a $14.00 target price for the company. LADENBURG THALM/SH SH boosted their target price on shares of Ondas from $21.50 to $22.75 and gave the company a “buy” rating in a report on Monday, August 17th. Citigroup reaffirmed a “market outperform” rating on shares of Ondas in a research report on Monday, October 19th. Finally, The Goldman Sachs Group raised shares of Ondas to a “buy” rating in a research report on Monday. Eleven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.89.

Ondas Stock Down 14.2%

The firm has a market capitalization of $2.63 billion, a P/E ratio of -64.57 and a beta of 3.10. The company’s 50 day moving average is $7.01 and its 200-day moving average is $8.95.

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

Insider Transactions at Ondas

In other news, CFO Neil Laird sold 4,952 shares of the firm’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 sale, 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard Cohen sold 7,500 shares of the firm’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 sale, the director owned 261,836 shares of the company’s stock, valued at approximately $2,346,050.56. This represents a 2.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. RFG Advisory LLC grew its stake in Ondas by 57.0% in the second quarter. RFG Advisory LLC now owns 2,787,202 shares of the company’s stock valued at $22,967,000 after acquiring an additional 1,012,353 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Ondas during the second quarter valued at approximately $13,158,000. Bank of America Corp DE increased its holdings in shares of Ondas by 1,443.9% during the first quarter. Bank of America Corp DE now owns 1,404,812 shares of the company’s stock valued at $12,700,000 after acquiring an additional 1,313,823 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Ondas by 17.2% during the third quarter. Oppenheimer & Co. Inc. now owns 1,156,205 shares of the company’s stock worth $8,475,000 after purchasing an additional 170,075 shares during the period. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD raised its position in shares of Ondas by 63.0% during the second quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 1,016,941 shares of the company’s stock worth $8,380,000 after purchasing an additional 393,133 shares during the period. Institutional investors own 37.73% of the company’s stock.

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.