Ondas (NASDAQ:ONDS) Shares Climb 8% – Time to Buy?

Ondas Holdings Inc. (NASDAQ:ONDS)’s share price shot up 8% during mid-day trading on Tuesday. The stock traded as high as $6.69 and last traded at $6.65. Approximately 43,996,348 shares were traded during trading, a decline of 44% from the average daily volume of 78,677,523 shares. The stock had previously closed at $6.16.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ONDS shares. Roth Capital reissued a “buy” rating on shares of Ondas in a report on Tuesday, August 18th. Citizens Jmp initiated coverage on Ondas in a report on Monday, October 5th. They issued an “outperform” rating and a $14.00 price target for the company. Citigroup reaffirmed a “market outperform” rating on shares of Ondas in a research report on Monday, October 19th. LADENBURG THALM/SH SH boosted their price target on Ondas from $21.50 to $22.75 and gave the stock a “buy” rating in a research note on Monday, August 17th. Finally, Wall Street Zen lowered Ondas from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ondas currently has an average rating of “Moderate Buy” and a consensus target price of $16.89.

Ondas Price Performance

The business’s fifty day simple moving average is $7.42 and its 200 day simple moving average is $9.24. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of -95.00 and a beta of 2.92.

Ondas (NASDAQ:ONDS) last posted 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 negative return on equity of 14.20% and a net margin of 93.55%. The business had revenue of $83.77 million during the quarter, compared to the consensus estimate of $67.97 million. As a group, equities analysts forecast that Ondas Holdings Inc. will post -0.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard Cohen sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was 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 in the company, valued at $2,346,050.56. The trade was a 2.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Neil Laird sold 4,952 shares of the stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $7.74, for a total value of $38,328.48. Following the completion of 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 disclosure for this sale is available in the SEC filing. Insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ONDS. RFG Advisory LLC increased its holdings in shares of Ondas by 57.0% during the second quarter. RFG Advisory LLC now owns 2,787,202 shares of the company’s stock valued at $22,967,000 after purchasing an additional 1,012,353 shares during the period. Bank of New York Mellon Corp acquired a new position in Ondas during the 2nd quarter valued at about $13,158,000. Bank of America Corp DE raised its position in shares of Ondas by 1,443.9% during 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 in the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Ondas by 17.2% during the 3rd 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 lifted its stake in shares of Ondas by 63.0% in the 2nd 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 acquiring an additional 393,133 shares during the period. Institutional investors own 37.73% of the company’s stock.

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.