Ondas (NASDAQ:ONDS) Stock Price Down 8.1% – Here’s What Happened

Ondas Holdings Inc. (NASDAQ:ONDS) shares were down 8.1% on Friday. The stock traded as low as $6.18 and last traded at $6.32. 40,968,174 shares were traded during trading, a decline of 48% from the average daily volume of 78,246,852 shares. The stock had previously closed at $6.88.

Analysts Set New Price Targets

Several research firms have commented on ONDS. Oppenheimer boosted their target price on shares of Ondas from $16.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Wall Street Zen lowered shares of Ondas from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Citizens Jmp started coverage on shares of Ondas in a report on Monday, October 5th. They set an “outperform” rating and a $14.00 price target on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Ondas in a research note on Monday, October 19th. Finally, Roth Capital reaffirmed a “buy” rating on shares of Ondas in a research note on Tuesday, August 18th. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.89.

Ondas Stock Performance

The company has a market cap of $3.68 billion, a P/E ratio of -90.29 and a beta of 2.92. The firm has a 50 day moving average price of $7.18 and a 200-day moving average price of $9.07.

Ondas (NASDAQ:ONDS) last posted its earnings results on Thursday, August 13th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.10). The company had revenue of $83.77 million during the quarter, compared to analyst estimates of $67.97 million. Ondas had a negative return on equity of 14.20% and a net margin of 93.55%. On average, sell-side analysts forecast that Ondas Holdings Inc. will post -0.47 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Neil J. Laird sold 4,952 shares of the business’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 completion of the sale, the chief financial officer directly owned 42,246 shares in the company, valued at approximately $326,984.04. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard M. Cohen sold 7,500 shares of the company’s stock in a transaction 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 sale, the director directly owned 261,836 shares of the company’s stock, valued at approximately $2,346,050.56. This represents a 2.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ONDS. Jacksonville Wealth Management LLC bought a new stake in shares of Ondas in the third quarter valued at approximately $81,000. Provenance Wealth Advisors LLC acquired a new stake in shares of Ondas in the third quarter worth $48,000. Pilgrim Partners Asia Pte Ltd bought a new position in Ondas during the third quarter worth $26,000. ProShare Advisors LLC increased its position in Ondas by 5.5% during the third quarter. ProShare Advisors LLC now owns 69,467 shares of the company’s stock worth $509,000 after acquiring an additional 3,635 shares during the period. Finally, LJI Wealth Management LLC bought a new position in Ondas during the third quarter worth $84,000. 37.73% of the stock is currently owned by institutional investors and hedge funds.

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 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.