Stock Market Today, March 2: Ondas Climbs on $10M Investment and World View Defense Partnership
Ondas (NASDAQ:ONDS), provider of private wireless, drone, and automated data solutions, closed Monday at $10.67, up 5.85%. The stock moved higher after news of a $10 million strategic investment and ISR partnership with World View Enterprises, and investors are watching how this expands Ondas’ defense and homeland security exposure.
The company’s trading volume reached 178.1 million shares, which is about 93% above compared with its three-month average of 92.4 million shares. Ondas went public in 2020 and has grown 73% since going its IPO.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) finished Monday fractionally higher at 6,881, up 0.04%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) advanced 0.36% to 22,749. Within communication equipment, industry peers Motorola Solutions (NYSE:MSI) closed at $486.2 (+0.82%) and Cisco Systems (NASDAQ:CSCO) finished at $79.42 (-0.05%), as investors weighed differing public safety and networking catalysts.
What this means for investors
Ondas shares climbed on Monday after the company announced a $10 million investment in World View Enterprises and a new partnership focused on defense ISR. This deal boosts Ondas’ presence in homeland security and intelligence, and shows a stronger move into government drone and surveillance work. The news came as investors showed more interest in drone and counter-drone companies. Because Ondas is a smaller-cap stock, its price often moves more when new deals highlight its role in national security.
Recent news about Sentrycs counter-drone deployments shows that Ondas is expanding its range of defense solutions. Investors will watch to see if these partnerships lead to steady contract wins and increased revenue growth in the upcoming quarters.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cisco Systems. The Motley Fool has a disclosure policy.
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