Heights Capital Management Inc. Acquires 3,844,401 Shares of Ondas Holdings Inc. (NASDAQ:ONDS)

Heights Capital Management Inc. lifted its holdings in Ondas Holdings Inc. (NASDAQ:ONDS) by 397.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,811,354 shares of the company’s stock after purchasing an additional 3,844,401 shares during the quarter. Ondas comprises about 6.2% of Heights Capital Management Inc.’s portfolio, making the stock its 3rd biggest position. Heights Capital Management Inc. owned approximately 6.23% of Ondas worth $12,317,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Penbrook Management LLC acquired a new stake in Ondas in the 4th quarter worth approximately $28,000. Wells Fargo & Company MN boosted its position in Ondas by 119.2% in the fourth quarter. Wells Fargo & Company MN now owns 11,400 shares of the company’s stock valued at $29,000 after buying an additional 6,200 shares during the last quarter. Staley Capital Advisers Inc. acquired a new position in Ondas in the 4th quarter worth approximately $32,000. Quantbot Technologies LP acquired a new stake in Ondas during the 4th quarter valued at approximately $55,000. Finally, DnB Asset Management AS purchased a new stake in shares of Ondas in the 4th quarter valued at $76,000. 37.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ONDS has been the subject of several recent research reports. Lake Street Capital assumed coverage on Ondas in a research report on Monday, April 14th. They set a “buy” rating and a $2.50 price target for the company. Northland Securities upped their target price on Ondas from $1.50 to $4.00 and gave the stock an “outperform” rating in a research note on Monday, December 30th.

Ondas Stock Up 2.8 %

Shares of NASDAQ ONDS opened at $0.89 on Monday. Ondas Holdings Inc. has a 52-week low of $0.54 and a 52-week high of $3.40. The company has a quick ratio of 0.21, a current ratio of 0.43 and a debt-to-equity ratio of 0.02. The company’s 50-day simple moving average is $0.99 and its 200-day simple moving average is $1.26. The firm has a market cap of $113.41 million, a price-to-earnings ratio of -1.23 and a beta of 1.87.

Ondas (NASDAQ:ONDS) last issued its quarterly earnings results on Wednesday, March 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.05). The firm had revenue of $4.13 million during the quarter, compared to analyst estimates of $5.75 million. Ondas had a negative return on equity of 183.49% and a negative net margin of 544.24%. Equities analysts predict that Ondas Holdings Inc. will post -0.53 EPS for the current fiscal year.

About Ondas

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.