Ondas (NASDAQ:ONDS) Stock Price Down 2.6% – Here’s What Happened

Shares of Ondas Holdings Inc. (NASDAQ:ONDS) dropped 2.6% during mid-day trading on Tuesday. The company traded as low as $7.47 and last traded at $7.48. Approximately 48,586,505 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 81,928,453 shares. The stock had previously closed at $7.68.

Analyst Ratings Changes

Several analysts have weighed in on the company. Roth Capital reiterated a “buy” rating on shares of Ondas in a research note on Tuesday, August 18th. LADENBURG THALM/SH SH raised their price objective on Ondas from $21.50 to $22.75 and gave the stock a “buy” rating in a research note on Monday, August 17th. Oppenheimer lifted their target price on Ondas from $16.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Wall Street Zen lowered Ondas from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings downgraded shares of Ondas from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, August 4th. Eight 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.com, the company has a consensus rating of “Moderate Buy” and an average target price of $17.18.

Ondas Stock Down 2.6%

The firm has a market cap of $4.36 billion, a price-to-earnings ratio of -106.86 and a beta of 2.74. The business’s 50-day simple moving average is $8.04 and its two-hundred day simple moving average is $8.97.

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

Insider Buying and Selling

In other news, CFO Neil Laird sold 4,952 shares of the business’s stock in a transaction that occurred on Thursday, September 24th. The stock was 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 in the company, valued at $326,984.04. The trade was a 10.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard Cohen sold 7,500 shares of Ondas stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $8.96, for a total value of $67,200.00. Following the transaction, the director owned 261,836 shares in the company, valued at approximately $2,346,050.56. This represents a 2.78% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 large investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd grew its stake in Ondas by 9,274.9% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,466,373 shares of the company’s stock worth $33,832,000 after purchasing an additional 3,429,398 shares in the last quarter. RFG Advisory LLC acquired a new position in shares of Ondas during the 1st quarter worth about $16,045,000. Bank of New York Mellon Corp acquired a new stake in shares of Ondas during the 2nd quarter worth about $13,158,000. Legal & General Group Plc acquired a new stake in Ondas during the fourth quarter worth approximately $14,215,000. Finally, Bank of America Corp DE increased its position in shares of Ondas by 1,443.9% during the first quarter. Bank of America Corp DE now owns 1,404,812 shares of the company’s stock worth $12,700,000 after purchasing an additional 1,313,823 shares in the last quarter. Institutional investors and hedge funds own 37.73% of the company’s stock.

About Ondas

Ondas Holdings Inc (NASDAQ: ONDS) develops autonomous systems and private wireless network technologies for industrial, government and critical-infrastructure applications. Its businesses are focused on collecting and transmitting data in environments where conventional communications or manually operated systems may be limited.

Through its autonomous systems activities, including American Robotics and other related platforms, Ondas provides autonomous drone solutions for applications such as agriculture, infrastructure inspection, public safety and security.