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

Ondas Holdings Inc. (NASDAQ:ONDS)’s stock price traded up 18.1% on Friday. The company traded as high as $5.45 and last traded at $5.34. 44,608,270 shares were traded during mid-day 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

ONDS has been the topic of a number of research reports. Citigroup reissued a “market outperform” rating on shares of Ondas in a research note on Monday, October 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 target price on shares of Ondas in a research note on Monday, September 14th. The Goldman Sachs Group upgraded shares of Ondas to a “buy” rating in a report on Monday. Oppenheimer increased their price target on Ondas from $16.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Finally, Citizens Jmp initiated coverage on shares of Ondas in a report on Monday, October 5th. They issued an “outperform” rating and a $14.00 target price for the company. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.89.

Ondas Stock Up 18.1%

The company’s 50-day simple moving average is $6.94 and its 200 day simple moving average is $8.92. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of -76.29 and a beta of 3.10.

Ondas (NASDAQ:ONDS) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.19) 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 for the quarter, compared to analyst estimates of $67.97 million. On average, equities analysts expect that Ondas Holdings Inc. will post -0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Richard Cohen sold 7,500 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $8.96, for a total value of $67,200.00. Following the transaction, the director directly owned 261,836 shares in the company, valued at approximately $2,346,050.56. This trade represents a 2.78% decrease in their position. The transaction was disclosed in a 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 business’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $7.74, for a total transaction of $38,328.48. Following the transaction, 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

Several hedge funds have recently modified their holdings of ONDS. RFG Advisory LLC increased its holdings in shares of Ondas by 57.0% during the 2nd quarter. RFG Advisory LLC now owns 2,787,202 shares of the company’s stock worth $22,967,000 after purchasing an additional 1,012,353 shares during the period. Bank of New York Mellon Corp acquired a new stake in Ondas during the second quarter worth about $13,158,000. Bank of America Corp DE grew its position in 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 in the last quarter. Oppenheimer & Co. Inc. increased its stake in Ondas by 17.2% during the third quarter. Oppenheimer & Co. Inc. now owns 1,156,205 shares of the company’s stock valued at $8,475,000 after acquiring an additional 170,075 shares during the period. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD raised its holdings in Ondas by 63.0% in the 2nd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 1,016,941 shares of the company’s stock valued at $8,380,000 after acquiring an additional 393,133 shares in the last quarter. 37.73% of the stock is owned by 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.