Ondas (NASDAQ:ONDS) Shares Down 9% – Here’s Why

Ondas Holdings Inc. (NASDAQ:ONDS) shares were down 9% on Monday. The company traded as low as $5.72 and last traded at $5.75. Approximately 36,965,087 shares traded hands during trading, a decline of 53% from the average daily volume of 78,051,070 shares. The stock had previously closed at $6.32.

Wall Street Analysts Forecast Growth

ONDS has been the subject of a number of research reports. Oppenheimer increased their price target on shares of Ondas from $16.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. The Goldman Sachs Group upgraded Ondas to a “buy” rating in a report on Monday. LADENBURG THALM/SH SH increased their target price on Ondas from $21.50 to $22.75 and gave the stock a “buy” rating in a research report on Monday, August 17th. Needham & Company LLC restated a “buy” rating and issued a $19.00 target price on shares of Ondas in a research note on Monday, September 14th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Ondas in a research report on Monday. Eleven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.89.

Ondas Trading Down 9.0%

The stock’s 50 day simple moving average is $7.01 and its two-hundred day simple moving average is $8.95.

Ondas (NASDAQ:ONDS) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.10). The company 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%. On average, equities research analysts expect that Ondas Holdings Inc. will post -0.47 EPS for the current fiscal year.

Insider Buying and Selling at Ondas

In other news, CFO Neil J. Laird sold 4,952 shares of Ondas stock in a transaction dated Thursday, September 24th. The stock was 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 owned 42,246 shares of the company’s stock, valued at $326,984.04. The trade was a 10.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard M. 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 completion of the transaction, the director directly owned 261,836 shares of the company’s stock, valued at approximately $2,346,050.56. This represents a 2.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Consolidated Investment Group LLC bought a new stake in shares of Ondas during the third quarter valued at approximately $1,385,000. StoneX Group Inc. purchased a new position in Ondas in the 3rd quarter worth approximately $535,000. Pictet Asset Management Holding SA lifted its position in Ondas by 5.8% in the 3rd quarter. Pictet Asset Management Holding SA now owns 199,879 shares of the company’s stock valued at $1,465,000 after acquiring an additional 11,010 shares in the last quarter. Verus Capital Partners LLC lifted its position in Ondas by 31.9% in the 3rd quarter. Verus Capital Partners LLC now owns 93,550 shares of the company’s stock valued at $686,000 after acquiring an additional 22,600 shares in the last quarter. Finally, CenterBook Partners LP bought a new position in Ondas in the 3rd quarter valued at approximately $673,000. 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 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.