What happened
Shares of Ondas Holdings (ONDS 6.46%) popped today after the company released its third-quarter 2021 results. Despite the company missing analysts' consensus earnings estimate for the quarter Ondas' share price climbed today.
The tech stock was up by as much as 13% today and had gained 8.8% as of 2:46 p.m. EST.
So what
Ondas said today that revenue decreased by 54% in the third quarter due to lower product sales. Additionally, the company reported a loss of $0.13 per diluted share for the quarter, compared to analysts' consensus estimate of a loss of $0.09 per share.
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"The third quarter marked an important transition for Ondas Networks as we moved from investment mode to platform delivery and adoption," Ondas' CEO, Eric Brock, said in a press release.
Despite the earnings miss, investors may be responding positively to the company's third-quarter results today because the company announced that it had secured an initial commercial order for a railroad communications network for Siemens Mobility.
The company also said it received four additional product development orders from Siemens Mobility, including one for "the development of a new locomotive telemetry radio for a major Asian Rail customer."
Now what
Ondas' stock has been turbulent over the past 12 months. After making some gains in early 2021, shares have tumbled and are down 5% over the past year, despite today's pop.
With the company's share price seemingly erratic lately, investors may want to tread lightly with Ondas Holdings right now.
