Ondas (NASDAQ:ONDS) Shares Climb 3.4% – Here’s Why

Ondas Holdings Inc. (NASDAQ:ONDS)’s stock price rose 3.4% during mid-day trading on Thursday. The stock traded as high as $6.37 and last traded at $6.35. 73,617,311 shares changed hands during trading, a decline of 8% from the average daily volume of 80,384,914 shares. The stock had previously closed at $6.14.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Weiss Ratings cut Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, August 4th. Citigroup started coverage on Ondas in a report on Monday, October 5th. They issued a “market outperform” rating on the stock. LADENBURG THALM/SH SH raised their price target on Ondas from $21.50 to $22.75 and gave the company a “buy” rating in a report on Monday, August 17th. Citizens Jmp assumed coverage on Ondas in a research report on Monday, October 5th. They set an “outperform” rating and a $14.00 price target for the company. Finally, Wall Street Zen downgraded Ondas from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.89.

Ondas Trading Down 4.9%

The stock’s fifty day moving average price is $7.71 and its 200 day moving average price is $8.65. The stock has a market cap of $3.52 billion, a P/E ratio of -86.29 and a beta of 2.92.

Ondas (NASDAQ:ONDS) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.19) earnings per share 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 for the quarter, compared to analysts’ expectations of $67.97 million. On average, analysts anticipate that Ondas Holdings Inc. will post -0.47 earnings per share for the current year.

Insider Transactions at Ondas

In other Ondas news, CFO Neil Laird sold 4,952 shares of the firm’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $7.74, for a total transaction of $38,328.48. Following the sale, the chief financial officer owned 42,246 shares in the company, valued at $326,984.04. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard Cohen sold 7,500 shares of Ondas stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $8.96, for a total value of $67,200.00. Following the sale, the director directly owned 261,836 shares of the company’s stock, valued at approximately $2,346,050.56. This trade represents a 2.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Ondas

A number of large investors have recently modified their holdings of ONDS. Cornerstone Enterprises LLC purchased a new stake in Ondas in the third quarter worth approximately $237,000. Lodestone Wealth Management LLC grew its position in Ondas by 20.4% during the third quarter. Lodestone Wealth Management LLC now owns 18,688 shares of the company’s stock valued at $137,000 after acquiring an additional 3,164 shares during the last quarter. Focus Financial Network Inc. grew its position in Ondas by 6.2% during the third quarter. Focus Financial Network Inc. now owns 71,883 shares of the company’s stock valued at $527,000 after acquiring an additional 4,216 shares during the last quarter. Salem Investment Counselors Inc. bought a new position in Ondas during the third quarter valued at approximately $3,075,000. Finally, Signal Advisors Wealth LLC purchased a new position in shares of Ondas during the third quarter worth approximately $83,000. 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 technologies are designed to support remote monitoring, inspection, security, public safety and other operations that require persistent data collection and reliable communications.

Through its subsidiaries, including American Robotics and Ondas Networks, the company offers autonomous drone platforms, command-and-control software, aerial intelligence solutions and industrial-grade wireless networks.