Ondas (NASDAQ:ONDS) Stock Falls 4% – Time to Sell?
by Michael Walen · The Markets DailyOndas Holdings Inc. (NASDAQ:ONDS – Get Free Report) shares were down 4% on Thursday. The company traded as low as $5.89 and last traded at $6.02. 36,710,430 shares traded hands during trading, a decline of 54% from the average daily volume of 79,285,898 shares. The stock had previously closed at $6.27.
Analysts Set New Price Targets
A number of brokerages recently issued reports on ONDS. Needham & Company LLC restated a “buy” rating and issued a $19.00 target price on shares of Ondas in a research note on Monday, September 14th. Oppenheimer boosted their price target on Ondas from $16.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Citigroup reissued a “market outperform” rating on shares of Ondas in a report on Monday. Wall Street Zen cut Ondas from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings cut Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. Ten 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 MarketBeat, Ondas has an average rating of “Moderate Buy” and an average target price of $16.89.
Get Our Latest Report on Ondas
Ondas Stock Down 4.0%
The company has a market capitalization of $3.51 billion, a price-to-earnings ratio of -86.00 and a beta of 2.92. The business’s 50-day moving average is $7.44 and its 200-day moving average is $8.57.
Ondas (NASDAQ:ONDS – Get Free Report) last announced its quarterly 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 for 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%. As a group, analysts expect that Ondas Holdings Inc. will post -0.47 EPS for the current year.
Insider Transactions at Ondas
In related news, CFO Neil Laird sold 4,952 shares of the firm’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 sale, the chief financial officer directly owned 42,246 shares of the company’s stock, valued at $326,984.04. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard Cohen sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $8.96, for a total value of $67,200.00. Following the sale, the director directly owned 261,836 shares in the company, valued at approximately $2,346,050.56. This trade represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.67% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Ondas
Hedge funds have recently bought and sold shares of the stock. NFSG Corp grew its stake in shares of Ondas by 200.0% during the 1st quarter. NFSG Corp now owns 3,000 shares of the company’s stock worth $27,000 after purchasing an additional 2,000 shares during the period. Western Wealth Management LLC purchased a new position in shares of Ondas during the 1st quarter valued at approximately $28,000. EverSource Wealth Advisors LLC lifted its stake in shares of Ondas by 5,373.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,120 shares of the company’s stock valued at $28,000 after purchasing an additional 3,063 shares during the period. AdvisorNet Financial Inc acquired a new position in shares of Ondas in the 1st quarter valued at $35,000. Finally, International Assets Investment Management LLC boosted its holdings in Ondas by 813.3% during the first quarter. International Assets Investment Management LLC now owns 4,941 shares of the company’s stock worth $44,000 after buying an additional 4,400 shares in the last quarter. Hedge funds and other institutional investors 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 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.