Ondas (NASDAQ:ONDS) Trading Down 9.8% – Time to Sell?

Ondas Holdings Inc. (NASDAQ:ONDS)’s share price dropped 9.8% during trading on Wednesday . The stock traded as low as $8.31 and last traded at $8.33. Approximately 85,929,754 shares traded hands during mid-day trading, an increase of 150% from the average daily volume of 34,370,488 shares. The stock had previously closed at $9.23.

Analyst Ratings Changes

Several research firms recently weighed in on ONDS. HC Wainwright initiated coverage on Ondas in a research report on Monday, October 6th. They set a “buy” rating and a $12.00 target price on the stock. Needham & Company LLC increased their price objective on shares of Ondas from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday. Loop Capital set a $10.00 target price on shares of Ondas in a research report on Wednesday, November 26th. Oppenheimer upgraded shares of Ondas from a “market perform” rating to an “outperform” rating and set a $12.00 target price for the company in a report on Friday, November 14th. Finally, Lake Street Capital increased their price target on shares of Ondas from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, November 26th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Ondas currently has an average rating of “Moderate Buy” and a consensus target price of $10.00.

Ondas Trading Down 3.0%

The stock’s 50-day moving average is $7.85 and its 200-day moving average is $5.08. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of -21.88 and a beta of 2.42.

Ondas (NASDAQ:ONDS) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Ondas had a negative net margin of 192.60% and a negative return on equity of 35.16%. The business had revenue of $10.10 million for the quarter, compared to analyst estimates of $7.04 million. On average, equities analysts predict that Ondas Holdings Inc. will post -0.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Ondas

In related news, Director Ron Stern sold 850,000 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $7.91, for a total transaction of $6,723,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Ondas by 109.9% in the third quarter. Vanguard Group Inc. now owns 13,415,432 shares of the company’s stock worth $103,567,000 after buying an additional 7,024,549 shares during the period. Hood River Capital Management LLC purchased a new stake in shares of Ondas during the 2nd quarter valued at about $14,479,000. AWM Investment Company Inc. acquired a new position in Ondas during the 2nd quarter worth approximately $11,123,000. Cresset Asset Management LLC boosted its holdings in Ondas by 263.5% in the 2nd quarter. Cresset Asset Management LLC now owns 4,667,874 shares of the company’s stock worth $8,962,000 after acquiring an additional 3,383,629 shares during the period. Finally, Two Sigma Investments LP boosted its holdings in Ondas by 1,325.9% in 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. 37.73% of the stock is owned by hedge funds and other institutional investors.

About Ondas

Ondas Holdings Inc, through its subsidiaries, provides private wireless, drone, and automated data solutions. It operates in two segments, Ondas Networks and Ondas Autonomous Systems. The company designs, develops, manufactures, sells, and supports FullMAX, a software defined radio (SDR) platform for wide-area broadband networks.