Ondas (NASDAQ:ONDS) Stock Falls 3% – Should You Sell?

Ondas Holdings Inc. (NASDAQ:ONDS)’s stock price dropped 3% on Wednesday. The company traded as low as $7.01 and last traded at $7.19. Approximately 61,131,959 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 80,874,391 shares. The stock had previously closed at $7.41.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ONDS shares. Roth Capital reissued a “buy” rating on shares of Ondas in a research report on Tuesday, August 18th. LADENBURG THALM/SH SH raised their target price on shares of Ondas from $21.50 to $22.75 and gave the company a “buy” rating in a research note on Monday, August 17th. Wall Street Zen lowered shares of Ondas from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Needham & Company LLC restated a “buy” rating and issued a $19.00 price target on shares of Ondas in a research note on Monday, September 14th. Finally, Citizens Jmp assumed coverage on Ondas in a research note on Monday. They set an “outperform” rating and a $14.00 price objective for the company. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.89.

Ondas Price Performance

The company has a market cap of $4.19 billion, a P/E ratio of -102.71 and a beta of 2.92. The company’s 50-day moving average is $7.97 and its two-hundred day moving average is $8.84.

Ondas (NASDAQ:ONDS) last released 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). Ondas had a net margin of 93.55% and a negative return on equity of 14.20%. The business had revenue of $83.77 million during the quarter, compared to the consensus estimate of $67.97 million. Equities research analysts anticipate that Ondas Holdings Inc. will post -0.47 EPS for the current year.

Insider Activity

In related news, CFO Neil 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 sale, the chief financial officer directly owned 42,246 shares in the company, valued at approximately $326,984.04. This trade represents a 10.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Cohen sold 7,500 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were 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 $2,346,050.56. This 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. 1.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ondas

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Ondas by 9,274.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,466,373 shares of the company’s stock valued at $33,832,000 after buying an additional 3,429,398 shares during the period. RFG Advisory LLC grew 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 acquiring an additional 1,012,353 shares during the period. Bank of New York Mellon Corp purchased a new stake in Ondas during the second quarter valued at $13,158,000. Bank of America Corp DE lifted its holdings in Ondas by 1,443.9% in the first quarter. Bank of America Corp DE now owns 1,404,812 shares of the company’s stock valued at $12,700,000 after acquiring an additional 1,313,823 shares during the period. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD lifted its holdings in Ondas by 63.0% in the second 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 during the period. Hedge funds and other institutional investors own 37.73% of the company’s stock.

About Ondas

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.