Stock Market Today, Jan. 2: Here’s Why Ondas Gained Over 20% This Week

Ondas (NASDAQ:ONDS), a provider of private wireless, drone, and automated data solutions, closed Friday at $11.02, up 12.91% for the session. Trading volume reached 134.2 million shares, coming in about 57% above its three-month average of 85.5 million shares.

Friday’s catalysts centered on Ondas’ rebranding and headquarters move. On Wednesday, the company also reported new defense-related orders. Investors will be watching how these shifts translate into recurring autonomous-systems revenue. Ondas IPO’d in 2020 and has grown 85% since going public.

The S&P 500 (SNPINDEX:^GSPC) added 0.19% to finish at 6,858, while the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.03% to 23,236. Industry peers AeroVironment (NASDAQ:AVAV) and Draganfly (NASDAQ:DPRO)both gained on the back of demand for autonomous and intelligence-driven platforms.

Today follows a strong week for Ondas, which is up over 20% in the past five days. It just announced it would change its name from Ondas Holdings to Ondas Inc as part of its focus on global defense and security. In a similar vein, the company has moved its corporate headquarters to West Palm Beach, Florida, a key technology, defense, and global business hub.

Earlier this week, Ondas said its autonomous systems portfolio had received around $10 million in new orders, reflecting demand for its air and ground systems. That’s on top of over $16 million in Q4 orders for an autonomous border-protection system that will deploy thousands of drones.

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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AeroVironment. The Motley Fool has a disclosure policy.

Stock Market Today, Jan. 2: Here’s Why Ondas Gained Over 20% This Week was originally published by The Motley Fool