Ondas (NASDAQ:ONDS) Shares Down 12.1% – Here’s What Happened

Shares of Ondas Holdings Inc. (NASDAQ:ONDS) dropped 12.1% on Monday . The company traded as low as $7.56 and last traded at $7.69. Approximately 99,637,313 shares changed hands during trading, an increase of 185% from the average daily volume of 35,009,352 shares. The stock had previously closed at $8.75.

Analysts Set New Price Targets

A number of equities analysts have commented on ONDS shares. Lake Street Capital boosted their target price on shares of Ondas from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, November 26th. Stifel Nicolaus set a $13.00 price target on shares of Ondas and gave the company a “buy” rating in a report on Monday. Oppenheimer upgraded shares of Ondas from a “market perform” rating to an “outperform” rating and set a $12.00 price objective for the company in a research note on Friday, November 14th. Zacks Research cut shares of Ondas from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ondas in a report on Monday. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.43.

Ondas Trading Down 8.9%

The company’s 50-day moving average is $7.73 and its 200 day moving average is $5.23. The stock has a market capitalization of $2.72 billion, a PE ratio of -18.43 and a beta of 2.42.

Ondas (NASDAQ:ONDS) last released its earnings results on Thursday, November 13th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Ondas had a negative return on equity of 35.16% and a negative net margin of 192.60%.The company had revenue of $10.10 million for the quarter, compared to analysts’ expectations of $7.04 million. Sell-side analysts forecast that Ondas Holdings Inc. will post -0.53 EPS for the current fiscal year.

Insider Buying and Selling

In other Ondas news, Director Ron Stern sold 850,000 shares of the stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $7.91, for a total transaction of $6,723,500.00. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.60% of the company’s stock.

Institutional Trading of Ondas

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. lifted its holdings in Ondas by 154.9% in the second quarter. SBI Securities Co. Ltd. now owns 16,299 shares of the company’s stock valued at $31,000 after acquiring an additional 9,904 shares during the period. IFP Advisors Inc increased its holdings in shares of Ondas by 231.4% during the 3rd quarter. IFP Advisors Inc now owns 4,142 shares of the company’s stock valued at $32,000 after purchasing an additional 2,892 shares in the last quarter. Charles Schwab Investment Management Inc. acquired a new position in shares of Ondas in the 1st quarter valued at $34,000. Penbrook Management LLC acquired a new position in shares of Ondas in the 2nd quarter valued at $35,000. Finally, Exencial Wealth Advisors LLC acquired a new position in shares of Ondas during the 2nd quarter worth approximately $36,000. 37.73% of the stock is owned by institutional investors and hedge funds.

Ondas Company Profile

Ondas Holdings Inc, through its subsidiaries, provides private wireless, drone, and automated data solutions. It operates in two segments, Ondas Networks and Ondas Autonomous Systems. The company designs, develops, manufactures, sells, and supports FullMAX, a software defined radio (SDR) platform for wide-area broadband networks.