Ondas (NASDAQ:ONDS) Shares Down 8.1% – Time to Sell?

Ondas Holdings Inc. (NASDAQ:ONDS) was down 8.1% on Friday. The stock traded as low as $6.18 and last traded at $6.32. Approximately 40,968,174 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 78,246,852 shares. The stock had previously closed at $6.88.

Analysts Set New Price Targets

ONDS has been the subject of several recent research reports. Weiss Ratings downgraded Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. Oppenheimer boosted their price target 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 increased their price objective on shares of Ondas from $21.50 to $22.75 and gave the company a “buy” rating in a report on Monday, August 17th. Needham & Company LLC restated a “buy” rating and issued a $19.00 price target on shares of Ondas in a research report on Monday, September 14th. Finally, Citizens Jmp started coverage on Ondas in a report on Monday, October 5th. They issued an “outperform” rating and a $14.00 price target for the company. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Ondas presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.89.

Ondas Trading Down 8.1%

The stock has a market capitalization of $3.68 billion, a PE ratio of -90.29 and a beta of 2.92. The firm’s fifty day moving average is $7.22 and its 200-day moving average is $9.11.

Ondas (NASDAQ:ONDS) 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 company had revenue of $83.77 million during the quarter, compared to analysts’ expectations of $67.97 million. As a group, equities analysts predict that Ondas Holdings Inc. will post -0.47 EPS for the current year.

Insider Buying and Selling at Ondas

In other Ondas news, CFO Neil J. Laird sold 4,952 shares of the business’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 sale, the chief financial officer directly owned 42,246 shares in the company, valued at $326,984.04. This represents a 10.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard M. Cohen sold 7,500 shares of the firm’s stock in a transaction that occurred 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 approximately $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 currently owned by insiders.

Institutional Investors Weigh In On Ondas

A number of hedge funds have recently added to or reduced their stakes in the business. RFG Advisory LLC grew its stake in 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 in the last quarter. Bank of New York Mellon Corp acquired a new stake in Ondas in the 2nd quarter valued at about $13,158,000. Bank of America Corp DE boosted its stake in shares of Ondas by 1,443.9% in the 1st quarter. Bank of America Corp DE now owns 1,404,812 shares of the company’s stock valued at $12,700,000 after buying an additional 1,313,823 shares during the period. Oppenheimer & Co. Inc. grew its position in shares of Ondas by 17.2% during the third quarter. Oppenheimer & Co. Inc. now owns 1,156,205 shares of the company’s stock worth $8,475,000 after buying an additional 170,075 shares in the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD increased its stake in shares of Ondas by 63.0% during the second quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 1,016,941 shares of the company’s stock worth $8,380,000 after buying an additional 393,133 shares during the period. 37.73% of the stock is currently 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 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.