Ondas Holdings Inc. (ONDS) experienced a significant intraday decline, plummeting 5.10% on Friday. This downward movement followed a period of earlier strength in the trading session.
The sell-off appears to be driven by profit-taking activity after the stock had risen sharply earlier in the day. According to market reports, Ondas shares were up approximately 9.72% at one point during the session, likely fueled by positive news regarding new orders for its counter-drone systems. Investors may have used this strength to lock in gains, contributing to the subsequent decline.
Additionally, investor sentiment may have been tempered by the company's upcoming earnings report. An earnings preview indicated that Ondas is expected to post a loss of 5 cents per share for the latest quarter. While revenue is projected to show a significant year-over-year increase, the anticipated loss and the stock's recent volatility in a challenging market context likely prompted caution among traders, leading to the intraday pullback.