ONDS saw short interest decline for a third week, falling 2.8% to 41.6% of float, while cost to borrow dropped 49% in a month and utilisation retreated from recent extremes — though shares remain heavily borrowed at 85.8%.
Ondas closed at $10.55 on April 24, up 5.5% for the week. The stock added 0.09% on its final session. Over the past month shares slipped 1.2%. The communications equipment maker has held above $10 after a volatile first quarter.
Short interest stood at 153.3 million shares on April 23, or 41.6% of float. That marked a 2.8% decline from a week earlier and a 3.7% drop over the past month. The position peaked at 163.0 million shares on April 10 — the current level is the lowest since early April. FINRA's April 15 settlement report logged 162.0 million shares short with 3.21 days to cover.
Cost to borrow fell to 2.06% on April 23, down 16.3% week-over-week. The CTB has halved from 4.08% on March 30 and stands at a 30-day low. Borrowing costs spiked above 4.8% in mid-March but have steadily declined since.
Utilisation dropped to 85.82% on April 23 from 89.62% a week prior. The metric hit a 52-week high of 100% earlier this year and peaked above 95% on April 10. The current reading is the lowest since early April as availability has improved. Utilisation touched 95.5% on March 30 and spent most of late March above 90%.
The put-call ratio stood at 0.5062 on April 24, modestly below the 20-day mean of 0.5159. The z-score of -0.82 indicates a slight tilt toward calls relative to recent norms. The PCR has ranged from 0.0448 to 0.5327 over the past 52 weeks. Recent readings have clustered near 0.50, showing balanced positioning.
The average target price sits at $20.13, implying 91% upside from current levels. Analyst count and consensus rating data are unavailable.
On March 26, Northland Capital Markets analyst Michael Latimore raised his target to $18 from $16 while maintaining an Outperform rating. The same day, Needham's Austin Bohlig reiterated his Buy rating and $23 target. Bohlig had lifted that target from $17 on March 24, also maintaining Buy.
Earlier in the year, multiple firms raised targets following strong quarterly results. HC Wainwright's Amit Dayal boosted his target to $25 from $12 on January 20, keeping a Buy rating. Lake Street's Max Michaelis increased his target to $19 from $10 the same day. Oppenheimer and Needham also raised targets in January.
The bull case, attributed to Benzinga, cites record Q4 revenue of $30.1 million — up 629% year-over-year — with gross margin expanding to 42% from 21% a year earlier. The bear case warns that gross margins are expected to remain below 50% until 2027 and that the company's $1.5 billion revenue target exceeds revised estimates by 60%.
The P/E ratio stood at -69.93 on April 24, up 57.50 points over the past 30 days as losses narrowed. The P/B ratio measured 1.12, up 0.07 over the month. EV/EBITDA was -83.30, improving 57.19 points from a month earlier.
Ondas ranked in the 99th percentile for 30-day EPS momentum and the 97th percentile for 90-day EPS momentum. The stock scored in the 98th percentile for earnings surprise. It placed in the 79th percentile for 12-month forward EPS year-over-year increase. The short score ranked in the 2nd percentile — reflecting its position among the most heavily shorted names. The stock ranked in the 5th percentile for utilisation. Sector score stood at the 81st percentile. Days to cover ranked in the 25th percentile. Dividend score placed in the 22nd percentile.
Vanguard added 5.4 million shares in Q1 2026, bringing its stake to 18.8 million shares, or 3.89% of the company. BlackRock increased its position by 2.3 million shares to 7.3 million, representing 1.52%. State Street added 2.9 million shares, now holding 5.2 million, or 1.07%. Van Eck initiated a position of 7.3 million shares, accounting for 1.51%.
Among active managers, Citadel added 2.5 million shares to reach 8.7 million, or 1.80%. Hudson River Trading increased its stake by 3.3 million shares to 6.2 million, or 1.29%. Millennium added 2.6 million shares to 4.2 million. Marshall Wace initiated a 3.4 million share position. Renaissance Technologies trimmed its stake by 3.6 million shares to 4.7 million.
Hood River Capital Management held 17.4 million shares, or 3.60%, after adding 1.3 million shares in Q4 2025.
Net insider activity over the past 90 days was flat at zero shares and zero dollars. Recent transactions were largely non-cash awards.
On April 1, Independent Director Randy Seidl received two awards totalling 22,424 shares. On March 30, Seidl received another two awards totalling 22,424 shares. CFO Neil Laird received an award of 12,500 shares on February 24.
Chairman and CEO Eric Brock sold 475,000 shares at $9.71 on December 31, 2025, for proceeds of $4.6 million. Director Jaspreet Sood sold 7,528 shares at $9.48 on December 22, 2025, totalling $71,365. Director Richard Cohen received a 21,035 share award on December 22 and sold 824 shares at $9.48 for $7,812.
Ondas is scheduled to report earnings on May 15 at 1:30 PM UTC. The company reported on March 25 and March 23 in recent quarters. Investors will look for continued revenue momentum and margin trends following the record Q4 print.
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