Ondas (NASDAQ:ONDS) Stock Price Up 2.5% – Here’s What Happened
by Tristan Rich · The Markets DailyOndas Holdings Inc. (NASDAQ:ONDS – Get Free Report)’s stock price rose 2.5% during trading on Monday. The stock traded as high as $7.69 and last traded at $7.42. Approximately 35,623,200 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 81,159,523 shares. The stock had previously closed at $7.24.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on the stock. Weiss Ratings lowered shares of Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. Oppenheimer raised their price objective on shares of Ondas from $16.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. LADENBURG THALM/SH SH lifted their price objective 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. Citigroup initiated coverage on shares of Ondas in a report on Monday. They issued a “market outperform” rating for the company. Finally, Needham & Company LLC reiterated a “buy” rating and set a $19.00 target price on shares of Ondas in a research note on Monday, September 14th. Ten investment 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.89.
Get Our Latest Stock Analysis on Ondas
Ondas Stock Down 0.1%
The company has a market capitalization of $4.31 billion, a PE ratio of -105.86 and a beta of 2.92. The stock’s fifty day simple moving average is $7.97 and its 200-day simple moving average is $8.84.
Ondas (NASDAQ:ONDS – Get Free Report) last issued 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 negative return on equity of 14.20% and a net margin of 93.55%.The firm had revenue of $83.77 million for the quarter, compared to analyst estimates of $67.97 million. Analysts expect that Ondas Holdings Inc. will post -0.47 EPS 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 shares were sold at an average price of $7.74, for a total transaction of $38,328.48. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through this link. Also, Director Richard Cohen sold 7,500 shares of the firm’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 of the company’s stock, valued at $2,346,050.56. This trade represents 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.
Hedge Funds Weigh In On Ondas
A number of institutional investors have recently made changes to their positions in ONDS. Caitong International Asset Management Co. Ltd grew its stake in Ondas by 9,274.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,466,373 shares of the company’s stock worth $33,832,000 after acquiring an additional 3,429,398 shares during the period. RFG Advisory LLC purchased a new position in shares of Ondas during the 1st quarter worth $16,045,000. Bank of New York Mellon Corp purchased a new position in shares of Ondas during the 2nd quarter worth $13,158,000. Bank of America Corp DE boosted its holdings in shares of 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 purchasing an additional 1,313,823 shares during the last quarter. Finally, Oddo BHF Asset Management Sas acquired a new stake in shares of Ondas during the first quarter worth $5,000,000. 37.73% of the stock is owned by institutional investors and hedge funds.
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.