Ondas (NASDAQ:ONDS) Shares Down 6.7% – Time to Sell?

Shares of Ondas Holdings Inc. (NASDAQ:ONDS) fell 6.7% on Tuesday. The company traded as low as $5.45 and last traded at $5.57. 40,723,874 shares traded hands during mid-day 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

Several research analysts have weighed in on ONDS shares. Wall Street Zen downgraded shares of Ondas from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Citizens Jmp assumed 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. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ondas in a report on Monday, November 2nd. The Goldman Sachs Group raised Ondas to a “buy” rating in a research note on Monday, November 2nd. Finally, Oppenheimer increased their target price on shares of Ondas from $16.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $16.89.

Ondas Stock Down 6.7%

The stock has a market cap of $3.24 billion, a P/E ratio of -79.57 and a beta of 3.10. The company’s 50 day moving average price is $6.83 and its two-hundred day moving average price is $8.84.

Ondas (NASDAQ:ONDS) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.10). The business had revenue of $83.77 million during the quarter, compared to analysts’ expectations 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 research analysts forecast that Ondas Holdings Inc. will post -0.47 earnings per share for the current year.

Insider Activity

In other news, CFO Neil Laird sold 4,952 shares of the firm’s stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $7.74, for a total value of $38,328.48. Following the sale, the chief financial officer directly owned 42,246 shares in the company, valued at approximately $326,984.04. This trade represents a 10.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard Cohen sold 7,500 shares of Ondas stock in a transaction that occurred on Tuesday, August 18th. The stock was 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 in the company, valued at approximately $2,346,050.56. The trade was a 2.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Ondas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Voya Investment Management LLC raised its stake in shares of Ondas by 183.7% in the third quarter. Voya Investment Management LLC now owns 6,612,440 shares of the company’s stock worth $48,469,000 after purchasing an additional 4,281,842 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Ondas in the second quarter valued at $13,158,000. Bank of America Corp DE raised its holdings in Ondas by 1,443.9% in the 1st quarter. Bank of America Corp DE now owns 1,404,812 shares of the company’s stock worth $12,700,000 after purchasing an additional 1,313,823 shares during the period. RFG Advisory LLC lifted its position in shares of Ondas by 57.0% during the 2nd quarter. RFG Advisory LLC now owns 2,787,202 shares of the company’s stock valued at $22,967,000 after buying an additional 1,012,353 shares in the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new stake in shares of Ondas in the first quarter valued at about $5,000,000. 37.73% of the stock is currently owned by hedge funds and other institutional investors.

About Ondas

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.