Ondas (NASDAQ:ONDS) Stock Price Up 2.8% – Still a Buy?

Ondas Holdings Inc. (NASDAQ:ONDS) shot up 2.8% during mid-day trading on Wednesday. The stock traded as high as $6.37 and last traded at $6.27. Approximately 41,099,339 shares changed hands during trading, a decline of 48% from the average daily volume of 79,470,188 shares. The stock had previously closed at $6.10.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ONDS. Needham & Company LLC reiterated a “buy” rating and issued a $19.00 target price on shares of Ondas in a research report on Monday, September 14th. Weiss Ratings downgraded shares of Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, August 4th. Wall Street Zen lowered shares of Ondas from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Citigroup reissued a “market outperform” rating on shares of Ondas in a report on Monday. Finally, Oppenheimer raised their price target 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. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Ondas has a consensus rating of “Moderate Buy” and a consensus price target of $16.89.

Ondas Price Performance

The company has a market capitalization of $3.65 billion, a P/E ratio of -89.57 and a beta of 2.92. The company has a fifty day moving average price of $7.57 and a 200 day moving average price of $8.61.

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 the consensus estimate of ($0.09) by ($0.10). The company had revenue of $83.77 million during the quarter, compared to the consensus estimate of $67.97 million. Ondas had a negative return on equity of 14.20% and a net margin of 93.55%. On average, equities research analysts predict that Ondas Holdings Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Ondas

In other news, Director Richard M. Cohen sold 7,500 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were 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 of the company’s stock, valued at approximately $2,346,050.56. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 business’s stock in a transaction dated Thursday, September 24th. The shares were sold at an average price of $7.74, for a total transaction of $38,328.48. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ondas

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. RFG Advisory LLC acquired a new stake in Ondas in the first quarter worth about $16,045,000. 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. Oddo BHF Asset Management Sas acquired a new stake in shares of Ondas in the 1st quarter worth approximately $5,000,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Ondas by 281.3% in the first quarter. Cetera Investment Advisers now owns 707,486 shares of the company’s stock valued at $6,396,000 after acquiring an additional 521,944 shares in the last quarter. 37.73% of the stock is owned by institutional investors.

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.