Ondas (NASDAQ:ONDS) Shares Down 9% – Here’s What Happened

Shares of Ondas Holdings Inc. (NASDAQ:ONDS) were down 9% on Monday. The stock traded as low as $5.72 and last traded at $5.75. Approximately 36,965,087 shares changed hands during trading, a decline of 53% from the average daily volume of 78,051,070 shares. The stock had previously closed at $6.32.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ONDS. Citigroup reissued a “market outperform” rating on shares of Ondas in a research note on Monday, October 19th. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 price objective on shares of Ondas in a report on Monday, September 14th. Citizens Jmp began coverage on Ondas in a research note on Monday, October 5th. They set an “outperform” rating and a $14.00 target price on the stock. Wall Street Zen cut Ondas from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Finally, The Goldman Sachs Group raised shares of Ondas to a “buy” rating in a research report on Monday. Eleven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.89.

Ondas Stock Down 9.0%

The stock has a 50-day moving average price of $7.18 and a 200 day moving average price of $9.07. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of -82.14 and a beta of 3.10.

Ondas (NASDAQ:ONDS) last issued 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 firm had revenue of $83.77 million during the quarter, compared to analysts’ expectations of $67.97 million. As a group, equities analysts forecast that Ondas Holdings Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Neil Laird sold 4,952 shares of the firm’s stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $7.74, for a total value of $38,328.48. Following the sale, the chief financial officer directly owned 42,246 shares in the company, valued at approximately $326,984.04. This trade represents a 10.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard Cohen sold 7,500 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $8.96, for a total value of $67,200.00. Following the completion of the transaction, the director directly owned 261,836 shares in the company, valued at $2,346,050.56. This trade represents a 2.78% decrease in their position. 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

Hedge funds have recently modified their holdings of the stock. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Ondas during the third quarter worth about $26,000. Pinnacle Wealth Planning Services Inc. grew its position in shares of Ondas by 7,185.7% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 3,570 shares of the company’s stock worth $26,000 after acquiring an additional 3,521 shares during the last quarter. NFSG Corp raised its position in Ondas by 200.0% in the 1st quarter. NFSG Corp now owns 3,000 shares of the company’s stock valued at $27,000 after purchasing an additional 2,000 shares during the last quarter. Western Wealth Management LLC acquired a new stake in Ondas during the 1st quarter worth $28,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Ondas by 5,373.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,120 shares of the company’s stock worth $28,000 after purchasing an additional 3,063 shares during the period. 37.73% of the stock is owned by hedge funds and other institutional investors.

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.