Stock Market Today, Mar. 12: Ondas Jumps on Palantir Partnership
Ondas (NASDAQ:ONDS), a provider of private wireless, drone, and automated data solutions, closed Thursday at $10.33, up 5.09%. The stock moved higher after news of a partnership that will combine its autonomous robot technology with Palantir‘s (NASDAQ:PLTR) AI platforms and World View’s balloon intelligence.
Trading volume reached 134.6 million shares, coming in about 43% above its three-month average of 94.4 million shares. Ondas IPO'd in 2020 and has grown 74% since going public.
How the markets moved today
S&P 500 (SNPINDEX:^GSPC) fell 1.52% to 6,673, while the Nasdaq Composite (NASDAQINDEX:^IXIC) lost 1.78% to finish at 22,312. Within communication equipment, industry peers saw mixed trading as Applied Optoelectronics (NASDAQ:AAOI) closed at $106.19, down 16.39%, paring gains of over 141.40% in the past month. Viavi Solutions (NASDAQ:VIAV) dropped by 1.10% to close at $29.76, off 1.10%.
What this means for investors
Ondas rebranded at the start of this year to make a strategic shift toward defense and security. Today’s partnership with Palantir and World View cements that narrative. The companies will develop initiatives that link drones, stratospheric balloons, and ground robots.
The deal follows a string of announcements from Ondas. On Monday, the company said it would merge with Mistral, a U.S. defense prime contractor. Yesterday it announced the acquisition of Bird Aerosystems, which specializes in airborne intelligence.
This week, Needham & Company reiterated its Buy rating on the stock, which has gained 57.47% in the past six months. Investors will be looking for more details on these deals when Ondas reports Q4 earnings on March 25.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Palantir Technologies and Viavi Solutions. The Motley Fool has a disclosure policy.
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