What's Going On With Ondas Stock Today?

Shares of Ondas Holdings Inc. (NASDAQ:ONDS) are falling on Wednesday. The stock initially traded higher after the autonomous drone company said one of its subsidiaries scored a government tender.

• ONDS is feeling the pressure from bearish momentum. See what is happening here.

What To Know: Ondas Autonomous Systems (OAS), a business unit of Ondas Holdings, was selected as the prime contractor for a major development and commercialization program on behalf of an undisclosed major governmental entity. Ondas expects to receive the initial purchase order in January to launch a multi-phase program spanning the next two years.

“This award is a strong validation of Ondas’ leadership in autonomous security technologies and our increasing role as a defense prime contractor,” said Eric Brock, CEO of Ondas.

Shares jumped early in the day, but have since given back the session gains, according to Benzinga Pro.

OAS will architect, develop and integrate a full-scale drone-based autonomous border-protection system designed to operate across both fixed and mobile environments. The multi-phase program will culminate in the deployment of thousands of autonomous drones to provide persistent intelligence, surveillance and reconnaissance, swarm-based response and automated threat mitigation.

“Being selected as prime contractor for such a strategic national program underscores the maturity of our technology, our operational experience, and our ability to integrate multiple effectors and sensors into a cohesive autonomous security architecture,” said Oshri Lugassy, Co-CEO of OAS.

Ondas stock is currently trading approximately 0.8% below its 50-day moving average, suggesting a short-term bearish trend. In contrast, it is trading significantly above its 200-day moving average, indicating a longer-term bullish sentiment despite the recent pullback.

While the stock is positioned well above its long-term moving average, the recent decline below the 50-day moving average raises concerns about immediate price action.

ONDS Price Action: Ondas shares were trading higher ahead of the open. Shares were down 4.41%, trading at $7.71 at the time of publication on Wednesday, according to Benzinga Pro.

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