Ondas (NASDAQ:ONDS) Stock Price Down 2.6% – Time to Sell?

Ondas Holdings Inc. (NASDAQ:ONDS)’s stock price dropped 2.6% on Tuesday. The stock traded as low as $7.47 and last traded at $7.48. 48,586,505 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 81,928,453 shares. The stock had previously closed at $7.68.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ONDS shares. LADENBURG THALM/SH SH upped their target price on shares of Ondas from $21.50 to $22.75 and gave the stock a “buy” rating in a research report on Monday, August 17th. Roth Capital restated a “buy” rating on shares of Ondas in a research note on Tuesday, August 18th. Weiss Ratings cut Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, August 4th. Wall Street Zen cut shares of Ondas from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $19.00 target price on shares of Ondas in a research note on Monday, September 14th. Eight 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. Based on data from MarketBeat, Ondas currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.18.

Ondas Trading Down 2.6%

The firm has a market cap of $4.36 billion, a P/E ratio of -106.86 and a beta of 2.74. The stock has a 50 day simple moving average of $8.04 and a 200-day simple moving average of $8.97.

Ondas (NASDAQ:ONDS) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.19) EPS 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 analysts forecast that Ondas Holdings Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Activity

In other Ondas news, Director Richard Cohen sold 7,500 shares of the business’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 transaction of $67,200.00. Following the completion of the transaction, the director 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 filing with the Securities & Exchange Commission, which is available at 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 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 in the company, valued at $326,984.04. This trade represents a 10.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ondas

Hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd boosted its stake in Ondas by 9,274.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,466,373 shares of the company’s stock worth $33,832,000 after purchasing an additional 3,429,398 shares in the last quarter. RFG Advisory LLC raised its holdings in shares of Ondas by 57.0% in the second quarter. RFG Advisory LLC now owns 2,787,202 shares of the company’s stock worth $22,967,000 after buying an additional 1,012,353 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Ondas in the second quarter worth $13,158,000. Legal & General Group Plc acquired a new stake in shares of Ondas during the fourth quarter worth $14,215,000. Finally, Bank of America Corp DE lifted its stake 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 worth $12,700,000 after buying an additional 1,313,823 shares during the period. Institutional investors and hedge funds own 37.73% of the company’s stock.

Ondas Company Profile

Ondas Holdings Inc (NASDAQ: ONDS) develops autonomous systems and private wireless network technologies for industrial, government and critical-infrastructure applications. Its businesses are focused on collecting and transmitting data in environments where conventional communications or manually operated systems may be limited.

Through its autonomous systems activities, including American Robotics and other related platforms, Ondas provides autonomous drone solutions for applications such as agriculture, infrastructure inspection, public safety and security.