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Investing.com - Lake Street Capital Markets raised its price target on Ondas Holdings Inc. (NASDAQ:ONDS) to $8.00 from $5.00 on Friday, while maintaining a Buy rating on the stock. According to InvestingPro data, the stock is currently trading near its 52-week high of $6.50, with analysts expecting significant sales growth this year.
The price target increase follows a significant 200%+ stock price appreciation for Ondas over the past two months, according to Lake Street Capital. InvestingPro data shows an impressive 821% return over the past six months, with the stock’s RSI suggesting overbought conditions. Get access to 15+ additional ProTips and comprehensive analysis with InvestingPro.
Lake Street Capital indicated that despite the recent stock performance, it believes the Ondas growth story is still in its early stages, with a large greenfield opportunity and high revenue growth trajectory potentially leading to a higher multiple.
The research firm expressed its view that the drone industry will experience mass consolidation over the next decade, with only a few major players remaining, and it expects Ondas to be among them.
Lake Street Capital noted that Ondas is "making the right moves by raising capital at the correct times" and has established a strategic roadmap to capitalize on market opportunities.
In other recent news, Ondas Holdings has announced several significant developments. The company has completed a $200 million underwritten offering of 40 million shares of common stock priced at $5.00 per share, which is expected to generate gross proceeds before deducting expenses. Additionally, Ondas Holdings finalized the acquisition of Apeiro Motion Ltd., an Israeli company, for approximately $12 million in cash, acquiring 100% of the share capital. In another strategic move, Ondas has entered into an agreement to acquire a 51% controlling interest in S.P.O Smart Precision Optics, an Israeli firm known for its precision optical components and systems. The company also appointed Mark Green as the Head of Global Corporate Development and Mergers & Acquisitions, bringing over 30 years of investment banking experience to the role. These recent developments highlight Ondas Holdings’ ongoing efforts to expand its capabilities and strengthen its market position.
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