Ondas (NASDAQ:ONDS) Shares Up 18.1% – Here’s What Happened

Ondas Holdings Inc. (NASDAQ:ONDS) rose 18.1% during mid-day trading on Friday. The stock traded as high as $5.45 and last traded at $5.34. 44,608,270 shares traded hands during trading, a decline of 42% from the average daily volume of 77,496,180 shares. The stock had previously closed at $4.52.

Analyst Ratings Changes

A number of brokerages have issued reports on ONDS. LADENBURG THALM/SH SH increased their price target on Ondas from $21.50 to $22.75 and gave the stock a “buy” rating in a research note on Monday, August 17th. Needham & Company LLC restated a “buy” rating and issued a $19.00 price objective on shares of Ondas in a research report on Monday, September 14th. Oppenheimer increased their target price on Ondas from $16.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Wall Street Zen downgraded Ondas from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Ondas in a research note 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.89.

Ondas Price Performance

The business has a 50-day moving average of $6.94 and a 200-day moving average of $8.92. The company has a market capitalization of $3.11 billion, a P/E ratio of -76.29 and a beta of 3.10.

Ondas (NASDAQ:ONDS) last issued 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). Ondas had a net margin of 93.55% and a negative return on equity of 14.20%. The company had revenue of $83.77 million during the quarter, compared to analyst estimates of $67.97 million. Sell-side analysts predict that Ondas Holdings Inc. will post -0.47 EPS for the current fiscal year.

Insider Transactions at Ondas

In other news, Director Richard Cohen sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $8.96, for a total value of $67,200.00. Following the transaction, the director owned 261,836 shares in the company, valued at $2,346,050.56. This trade represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Neil Laird sold 4,952 shares of the company’s stock in a transaction dated Thursday, September 24th. The shares were 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 of the company’s stock, valued at approximately $326,984.04. This represents a 10.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Ondas

Large investors have recently added to or reduced their stakes in the business. State of Wyoming raised its position in Ondas by 31.5% during the first quarter. State of Wyoming now owns 6,809 shares of the company’s stock worth $62,000 after acquiring an additional 1,631 shares during the last quarter. Wedbush Securities Inc. grew its holdings in Ondas by 5.5% in the 3rd quarter. Wedbush Securities Inc. now owns 36,250 shares of the company’s stock valued at $266,000 after buying an additional 1,900 shares during the period. NFSG Corp increased its position in Ondas by 200.0% during the first quarter. NFSG Corp now owns 3,000 shares of the company’s stock worth $27,000 after purchasing an additional 2,000 shares during the last quarter. Steadtrust LLC raised its position in shares of Ondas by 10.3% in the 2nd quarter. Steadtrust LLC now owns 21,473 shares of the company’s stock worth $177,000 after buying an additional 2,000 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in Ondas by 5,373.7% in the first quarter. EverSource Wealth Advisors LLC now owns 3,120 shares of the company’s stock valued at $28,000 after buying an additional 3,063 shares during the period. 37.73% of the stock is owned by hedge funds and other 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.