Ondas Holdings Inc. (NASDAQ:ONDS – Get Free Report) was down 3% on Wednesday. The company traded as low as $7.01 and last traded at $7.19. 61,131,959 shares were traded 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.
Analyst Upgrades and Downgrades
A number of brokerages have commented on ONDS. Citizens Jmp started coverage on shares of Ondas in a research note on Monday. They set an “outperform” rating and a $14.00 price target for the company. Weiss Ratings cut Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, August 4th. Oppenheimer boosted their price target on Ondas from $16.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Roth Capital reiterated a “buy” rating on shares of Ondas in a research report on Tuesday, August 18th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $19.00 price objective on shares of Ondas in a research note on Monday, September 14th. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Ondas has an average rating of “Moderate Buy” and an average target price of $16.89.
Read Our Latest Analysis on ONDS
Ondas Stock Down 2.0%
Ondas (NASDAQ:ONDS – Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. On average, sell-side analysts anticipate that Ondas Holdings Inc. will post -0.47 earnings per share for the current year.
Insider Buying and Selling
In other Ondas news, CFO Neil J. Laird sold 4,952 shares of the company’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 owned 42,246 shares of the company’s stock, valued at approximately $326,984.04. This 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 M. Cohen sold 7,500 shares of the 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 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. 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. 1.67% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Ondas
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Valeo Financial Advisors LLC acquired a new stake in Ondas in the third quarter worth about $140,000. BlueCrest Capital Management Ltd acquired a new position in Ondas during the 2nd quarter valued at about $330,000. WINTON GROUP Ltd bought a new position in shares of Ondas in the 2nd quarter valued at about $2,294,000. RFG Advisory LLC grew its position 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 buying an additional 1,012,353 shares during the period. Finally, NewEdge Advisors LLC grew its position in shares of Ondas by 47.4% during the 2nd quarter. NewEdge Advisors LLC now owns 43,484 shares of the company’s stock worth $358,000 after buying an additional 13,993 shares during the period. 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.
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