Ondas (NASDAQ:ONDS) Stock Falls 9% – Here’s Why

Shares of Ondas Holdings Inc. (NASDAQ:ONDS) dropped 9% during mid-day trading on Wednesday. The stock traded as low as $5.22 and last traded at $5.27. Approximately 52,353,092 shares changed hands during trading, a decline of 33% from the average session volume of 77,711,914 shares. The stock had previously closed at $5.79.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Citigroup reiterated a “market outperform” rating on shares of Ondas in a research report on Monday, October 19th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ondas in a research report on Monday. Citizens Jmp started coverage on Ondas in a research report on Monday, October 5th. They issued an “outperform” rating and a $14.00 target price on the stock. Wall Street Zen downgraded shares of Ondas from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Finally, Needham & Company LLC restated a “buy” rating and issued a $19.00 target price on shares of Ondas in a report on Monday, September 14th. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $16.89.

Ondas Trading Down 9.0%

The business’s fifty day simple moving average is $7.07 and its two-hundred day simple moving average is $8.99. The stock has a market capitalization of $3.07 billion, a P/E ratio of -75.29 and a beta of 3.10.

Ondas (NASDAQ:ONDS) last posted its quarterly earnings data 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). The company had revenue of $83.77 million for the quarter, compared to the consensus estimate of $67.97 million. Ondas had a negative return on equity of 14.20% and a net margin of 93.55%. On average, equities research analysts anticipate that Ondas Holdings Inc. will post -0.47 earnings per share for the current year.

Insider Transactions at Ondas

In related news, Director Richard M. Cohen sold 7,500 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $8.96, for a total transaction of $67,200.00. Following the transaction, the director directly owned 261,836 shares in the company, valued at $2,346,050.56. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 that occurred on Thursday, September 24th. The shares were 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. This trade represents a 10.49% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.67% of the stock is owned by company insiders.

Institutional Trading of Ondas

A number of institutional investors and hedge funds have recently modified their holdings of the company. Consolidated Investment Group LLC bought a new stake in Ondas in the third quarter valued at about $1,385,000. StoneX Group Inc. bought a new position in Ondas during the third quarter worth about $535,000. Pictet Asset Management Holding SA boosted its holdings in Ondas by 5.8% during the third quarter. Pictet Asset Management Holding SA now owns 199,879 shares of the company’s stock worth $1,465,000 after buying an additional 11,010 shares during the last quarter. Verus Capital Partners LLC grew its position in shares of Ondas by 31.9% during the 3rd quarter. Verus Capital Partners LLC now owns 93,550 shares of the company’s stock worth $686,000 after buying an additional 22,600 shares during the period. Finally, CenterBook Partners LP acquired a new position in shares of Ondas during the 3rd quarter worth about $673,000. 37.73% of the stock is currently owned by institutional investors.

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 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.