Ondas (NASDAQ:ONDS) Shares Down 2% – Here’s What Happened

Shares of Ondas Holdings Inc. (NASDAQ:ONDS) traded down 2% on Wednesday. The stock traded as low as $7.32 and last traded at $7.33. Approximately 46,628,541 shares changed hands during trading, a decline of 43% from the average daily volume of 81,740,969 shares. The stock had previously closed at $7.48.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ONDS. Wall Street Zen downgraded 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 set a $19.00 price objective on shares of Ondas in a report on Monday, September 14th. LADENBURG THALM/SH SH increased their price objective on shares of Ondas from $21.50 to $22.75 and gave the company a “buy” rating in a research report on Monday, August 17th. Weiss Ratings cut shares of Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. Finally, Oppenheimer boosted their target price 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. Eight 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.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.18.

Ondas Stock Performance

The firm has a market cap of $4.27 billion, a PE ratio of -104.71 and a beta of 2.74. The stock has a 50 day simple moving average of $8.03 and a two-hundred day simple moving average of $8.96.

Ondas (NASDAQ:ONDS) last issued its 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 analysts’ expectations of $67.97 million. Ondas had a negative return on equity of 14.20% and a net margin of 93.55%. Equities research analysts forecast that Ondas Holdings Inc. will post -0.47 earnings per share for the current year.

Insider Activity at Ondas

In related news, CFO Neil Laird sold 4,952 shares of the business’s stock in a transaction on Thursday, September 24th. The shares were 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 directly owned 42,246 shares in the company, 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 SEC, which is available at the SEC website. Also, Director Richard Cohen sold 7,500 shares of Ondas stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $8.96, for a total transaction of $67,200.00. Following the completion of the transaction, the director directly owned 261,836 shares of the company’s stock, valued at $2,346,050.56. The trade was 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. 1.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. 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 valued at $33,832,000 after acquiring an additional 3,429,398 shares during the period. RFG Advisory LLC acquired a new position in Ondas during the first quarter worth $16,045,000. Bank of New York Mellon Corp acquired a new position in Ondas during the second quarter worth $13,158,000. Legal & General Group Plc purchased a new position in Ondas during the fourth quarter valued at $14,215,000. Finally, Bank of America Corp DE lifted its holdings 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 valued at $12,700,000 after purchasing an additional 1,313,823 shares in the last quarter. 37.73% of the stock is owned by institutional investors and hedge funds.

About Ondas

Ondas Holdings Inc (NASDAQ: ONDS) develops autonomous systems and private wireless network technologies for industrial, government and critical-infrastructure applications. Its businesses are focused on collecting and transmitting data in environments where conventional communications or manually operated systems may be limited.

Through its autonomous systems activities, including American Robotics and other related platforms, Ondas provides autonomous drone solutions for applications such as agriculture, infrastructure inspection, public safety and security.