Ondas (NASDAQ:ONDS) Stock Price Down 2.9% – Here’s What Happened

Shares of Ondas Holdings Inc. (NASDAQ:ONDS) dropped 2.9% during trading on Thursday. The company traded as low as $7.12 and last traded at $7.12. Approximately 40,711,620 shares were traded during trading, a decline of 50% from the average session volume of 81,583,617 shares. The stock had previously closed at $7.33.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ONDS shares. Weiss Ratings downgraded Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. Wall Street Zen lowered shares of Ondas from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 target price on shares of Ondas in a research report on Monday, September 14th. Oppenheimer raised their price objective on Ondas from $16.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Finally, Roth Capital reiterated a “buy” rating on shares of Ondas in a report on Tuesday, August 18th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Ondas presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.18.

Ondas Trading Down 2.9%

The stock’s 50-day moving average price is $8.02 and its 200-day moving average price is $8.94. The company has a market cap of $4.15 billion, a P/E ratio of -101.71 and a beta of 2.74.

Ondas (NASDAQ:ONDS) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.19) 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 firm had revenue of $83.77 million during the quarter, compared to analyst estimates of $67.97 million. On average, research analysts anticipate that Ondas Holdings Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Ondas

In other Ondas news, CFO Neil Laird sold 4,952 shares of the company’s stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $7.74, for a total transaction of $38,328.48. Following the transaction, the chief financial officer owned 42,246 shares in the company, valued at approximately $326,984.04. This represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Richard Cohen sold 7,500 shares of Ondas 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 represents a 2.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ONDS. Caitong International Asset Management Co. Ltd raised its holdings in shares of Ondas by 9,274.9% in the fourth 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 last quarter. RFG Advisory LLC lifted its position in shares of 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 buying an additional 1,012,353 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Ondas in the second quarter valued at approximately $13,158,000. Legal & General Group Plc bought a new stake in Ondas during the fourth quarter worth $14,215,000. Finally, Bank of America Corp DE boosted its holdings 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 worth $12,700,000 after buying an additional 1,313,823 shares during the last quarter. Hedge funds and other institutional investors own 37.73% of the company’s stock.

Ondas Company Profile

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.