Ondas Inc. (NASDAQ:ONDS) shares are trading lower on Friday, as the company pushed deeper into defense contracting through a major acquisition.

Ondas is also coming off fresh contract momentum after 4M Defense landed a $10 million initial order tied to a previously announced $50 million demining award connected to Israel's $1.7 billion Eastern Border Security Barrier initiative, a setup that can keep volatility elevated around execution updates and backlog math. That backdrop has traders revisiting what shares are trading on beyond today's tape.

Ondas Completes $175 Million Merger With Mistral

Ondas completed its merger with U.S. defense prime contractor Mistral in a deal valued at $175 million, adding programs in excess of $1 billion and expanding direct prime participation across U.S. Department of War programs. The company said the transaction adds about $264 million to backlog, with pro forma backlog (adjusted for the Mistral and World View acquisitions) at $457 million as of March 31, 2026.

The broader market is trading higher today, led by Technology up 2.17% and supported by a positive advance/decline ratio of 1.2. Communication Services is down 1.61% and currently ranks 11 out of 11 sectors, and Ondas is slipping a bit more than the group, pointing to stock-specific digestion on top of sector weakness.

Stocks Trades Above Key Averages

Ondas is still holding a strong longer-term uptrend position within its 52-week range, even as the stock works through a choppier stretch after its March swing high and swing low. The stock is trading 7.5% above its 20-day simple moving average (SMA) and 1.8% above its 100-day SMA, which leans bullish for trend support even if near-term swings stay active.

The moving average stack is mixed: the 20-day SMA is below the 50-day SMA (a short-term bearish alignment), but the golden cross that occurred in July 2025 keeps the longer-term backdrop constructive. The moving average convergence divergence (MACD), a trend/momentum measure, is above its signal line with a positive histogram, which points to improving upside momentum compared with the June 2025 bearish cross.

The 12-month gain of 1196.06% shows how powerful the longer-term move has been, which can also make pullbacks sharper as traders reassess expectations. With the 52-week low at 69 cents and the 52-week high at $15.28, the stock is sitting much closer to the upper end of its yearly range, so reactions around prior breakout zones can matter more.

  • Key Resistance: $12.00 — a level where rallies have recently had trouble pushing through.
  • Key Support: $8.50 — an area where buyers have tended to show up on pullbacks.

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the May 14, 2026 (estimated) earnings report.

  • EPS Estimate: Loss of 3 cents (Up from Loss of 15 cents YoY)
  • Revenue Estimate: $39.40 million (Up from $4.25 million YoY)
  • Valuation: P/E ratio not available

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $19.83. Recent analyst moves include:

  • Northland Capital Markets: Outperform (Raises Target to $18.00) (March 26)
  • Needham: Buy (Maintains Target to $23.00) (March 25)
  • Needham: Buy (Raises Target to $23.00) (March 24)

Shares Slip On Friday

ONDS Stock Price Activity: Ondas shares were down 0.95% at $10.44 at the time of publication on Friday, according to Benzinga Pro data.

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