Ondas (NASDAQ:ONDS) Stock Price Down 4.9% – What’s Next?

Shares of Ondas Holdings Inc. (NASDAQ:ONDS) traded down 4.9% on Friday. The company traded as low as $5.91 and last traded at $6.04. 39,190,375 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 80,182,680 shares. The stock had previously closed at $6.35.

Analyst Upgrades and Downgrades

ONDS has been the topic of several recent research reports. Citigroup started coverage on shares of Ondas in a research report on Monday, October 5th. They issued a “market outperform” rating on the stock. Roth Capital restated a “buy” rating on shares of Ondas in a research report on Tuesday, August 18th. Needham & Company LLC restated a “buy” rating and issued a $19.00 target price on shares of Ondas in a research report on Monday, September 14th. Citizens Jmp assumed coverage on shares of Ondas in a research note on Monday, October 5th. They issued an “outperform” rating and a $14.00 price target on the stock. Finally, Oppenheimer raised their price target on shares of Ondas from $16.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Ten equities 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.89.

Ondas Stock Performance

The firm has a 50 day simple moving average of $7.71 and a two-hundred day simple moving average of $8.65. The stock has a market cap of $3.52 billion, a P/E ratio of -86.29 and a beta of 2.92.

Ondas (NASDAQ:ONDS) last announced 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 for the quarter, compared to analyst estimates of $67.97 million. As a group, equities research analysts predict that Ondas Holdings Inc. will post -0.47 EPS for the current year.

Insiders Place Their Bets

In related news, Director Richard M. Cohen sold 7,500 shares of the company’s stock in a transaction dated 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 sale, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Neil J. Laird sold 4,952 shares of the company’s stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $7.74, for a total transaction of $38,328.48. Following the completion of the sale, the chief financial officer directly owned 42,246 shares of the company’s stock, valued at $326,984.04. The trade was a 10.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ondas

Several large investors have recently bought and sold shares of the stock. Cornerstone Enterprises LLC bought a new stake in Ondas during the third quarter worth approximately $237,000. Lodestone Wealth Management LLC lifted its position in Ondas by 20.4% in the third quarter. Lodestone Wealth Management LLC now owns 18,688 shares of the company’s stock worth $137,000 after purchasing an additional 3,164 shares during the period. Focus Financial Network Inc. lifted its position in Ondas by 6.2% in the third quarter. Focus Financial Network Inc. now owns 71,883 shares of the company’s stock worth $527,000 after purchasing an additional 4,216 shares during the period. Salem Investment Counselors Inc. bought a new position in Ondas during the 3rd quarter valued at $3,075,000. Finally, Signal Advisors Wealth LLC bought a new position in Ondas during the 3rd quarter valued at $83,000. Institutional investors and hedge funds 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 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.