Ondas (NASDAQ:ONDS) Stock Jumps 2.9% – Here’s What Happened

Ondas Holdings Inc. (NASDAQ:ONDS)’s stock price rose 2.9% on Wednesday. The stock traded as high as $5.90 and last traded at $5.73. Approximately 44,210,014 shares changed hands during trading, a decline of 43% from the average daily volume of 77,062,070 shares. The stock had previously closed at $5.57.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Citigroup reissued a “market outperform” rating on shares of Ondas in a research note on Monday, October 19th. Ladenburg Thalmann & Co. Inc. upped their price target on shares of Ondas from $21.50 to $22.75 and gave the stock a “buy” rating in a report on Monday, August 17th. Roth Capital reaffirmed a “buy” rating on shares of Ondas in a research note on Tuesday, August 18th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ondas in a report on Monday, November 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $19.00 price objective on shares of Ondas in a report on Monday, September 14th. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.89.

Ondas Price Performance

The stock has a market cap of $3.34 billion, a PE ratio of -81.86 and a beta of 3.10. The business has a fifty day moving average of $6.79 and a 200-day moving average of $8.81.

Ondas (NASDAQ:ONDS) last announced 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 firm had revenue of $83.77 million during 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%. As a group, equities research analysts predict that Ondas Holdings Inc. will post -0.47 EPS for the current year.

Insider Buying and Selling at Ondas

In other news, Director Richard M. Cohen sold 7,500 shares of the firm’s stock in a transaction 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 transaction, the director owned 261,836 shares in the company, valued at approximately $2,346,050.56. This trade represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through 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 Ondas 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 completion of the sale, the chief financial officer owned 42,246 shares of the company’s stock, valued at $326,984.04. The trade was 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 corporate insiders.

Institutional Inflows and Outflows

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