Ondas (NASDAQ:ONDS) Shares Down 4.3% – What’s Next?

Ondas Holdings Inc. (NASDAQ:ONDS)’s stock price dropped 4.3% during trading on Wednesday . The stock traded as low as $7.26 and last traded at $7.29. 55,594,309 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 83,202,711 shares. The stock had previously closed at $7.62.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ONDS. Needham & Company LLC reiterated a “buy” rating and set a $19.00 price target on shares of Ondas in a research report on Friday, August 14th. Zacks Research upgraded shares of Ondas from a “strong sell” rating to a “hold” rating in a research report on Monday, May 25th. Oppenheimer upped their target price on Ondas from $16.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Roth Capital reaffirmed a “buy” rating on shares of Ondas in a report on Tuesday, August 18th. Finally, Wall Street Zen lowered Ondas from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Eight 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 data from MarketBeat, Ondas presently has a consensus rating of “Moderate Buy” and an average price target of $17.18.

Ondas Stock Performance

The firm has a market cap of $4.13 billion, a P/E ratio of -103.21 and a beta of 2.74. The company’s 50 day moving average is $7.98 and its 200 day moving average is $9.21.

Ondas (NASDAQ:ONDS) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $67.97 million. On average, equities research analysts anticipate that Ondas Holdings Inc. will post -0.47 EPS for the current year.

Insider Activity

In other news, Director Richard Cohen sold 7,500 shares of the firm’s 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 owned 261,836 shares of the company’s stock, valued at approximately $2,346,050.56. This trade represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.67% of the company’s stock.

Institutional Trading of Ondas

Several institutional investors have recently modified their holdings of the business. Van ECK Associates Corp acquired a new position in shares of Ondas in the 4th quarter worth approximately $71,202,000. Two Sigma Investments LP grew its holdings in Ondas by 1,325.9% during the 3rd quarter. Two Sigma Investments LP now owns 4,568,238 shares of the company’s stock worth $35,267,000 after acquiring an additional 4,247,859 shares during the period. California State Teachers Retirement System raised its position in shares of Ondas by 956.8% in the 2nd quarter. California State Teachers Retirement System now owns 4,229,081 shares of the company’s stock worth $34,848,000 after acquiring an additional 3,828,903 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Ondas in the 4th quarter worth about $33,473,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 purchasing an additional 3,429,398 shares during the period. Institutional investors own 37.73% of the company’s stock.

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.