Ondas (NASDAQ:ONDS) Shares Gap Up – Here’s Why

Ondas Holdings Inc. (NASDAQ:ONDS) shares gapped up before the market opened on Tuesday . The stock had previously closed at $7.26, but opened at $7.52. Ondas shares last traded at $7.51, with a volume of 8,856,810 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ONDS. Wall Street Zen upgraded shares of Ondas from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Needham & Company LLC began coverage on shares of Ondas in a research report on Tuesday, August 19th. They set a “buy” rating and a $5.00 price target for the company. Finally, Lake Street Capital increased their price target on shares of Ondas from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Three analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $5.67.

Ondas Stock Performance

The company has a market cap of $2.43 billion, a PE ratio of -14.47 and a beta of 2.40. The stock’s 50 day moving average price is $4.15 and its 200-day moving average price is $2.20.

Ondas (NASDAQ:ONDS) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. Ondas had a negative net margin of 300.11% and a negative return on equity of 130.48%. The company had revenue of $6.27 million during the quarter, compared to analysts’ expectations of $4.97 million. On average, analysts anticipate that Ondas Holdings Inc. will post -0.53 EPS for the current year.

Institutional Investors Weigh In On Ondas

A number of institutional investors have recently made changes to their positions in the business. Hood River Capital Management LLC bought a new stake in Ondas during the 2nd quarter valued at $14,479,000. AWM Investment Company Inc. bought a new stake in Ondas during the 2nd quarter valued at $11,123,000. Cresset Asset Management LLC raised its holdings in Ondas by 263.5% during the 2nd quarter. Cresset Asset Management LLC now owns 4,667,874 shares of the company’s stock valued at $8,962,000 after buying an additional 3,383,629 shares during the last quarter. Sei Investments Co. bought a new stake in Ondas during the 2nd quarter valued at $3,086,000. Finally, HRT Financial LP bought a new stake in Ondas during the 2nd quarter valued at $2,244,000. Hedge funds and other institutional investors own 37.73% of the company’s stock.

Ondas Company Profile

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.