New York, Jan 20, 2026, 12:46 PM EST — Regular session
- ONDS shares surged roughly 15% in midday Nasdaq action, fluctuating between $11.20 and $14.19.
- H.C. Wainwright and Needham both raised their price targets on the stock in new research notes
- A recent SEC filing reveals Ondas plans to switch auditors to BDO following its 2025 audit and annual report
Ondas Inc. (ONDS), previously known as Ondas Holdings Inc., saw its shares climb roughly 15% to $13.97 by midday Tuesday. Trading volume surged past 106 million shares. The stock hit an intraday peak of $14.19 after starting the day at $11.92.
The move comes as traders weigh positive brokerage calls alongside a fresh SEC filing about the company’s auditor — a combination that can send small, fast-moving stocks spinning when liquidity is tight.
Last week, management upped its 2026 revenue forecast to between $170 million and $180 million, while preliminary, unaudited 2025 numbers surpassed earlier estimates. Ondas projected Q4 revenue of $27 million to $29 million and full-year revenue ranging from $47.6 million to $49.6 million. It also reported a preliminary backlog of $65.3 million as of Dec. 31, alongside a pro-forma cash balance topping $1.5 billion. (Backlog represents revenue from signed orders not yet recognized.) 1
Needham boosted its price target for Ondas to $17 from $12, maintaining a “buy” rating, according to MarketBeat. 2
H.C. Wainwright’s Amit Dayal bumped his price target on Ondas Holdings (ONDS) to $25 from $12, keeping a “buy” rating intact. “We are increasing our price target on Ondas to $25.00 from $12.00,” Dayal said in his note. 3
Ondas announced its audit committee has approved dropping Rosenberg Rich Baker Berman, P.A. as its independent auditor after the 2025 audit and the subsequent Form 10-K filing. The company named BDO USA, P.C. as its auditor starting with fiscal 2026. Ondas also noted that RRBB’s past audit reports contained a “substantial doubt” paragraph, flagging concerns about the company’s ability to continue operating without additional funding. 4
The company has been securing precisely that kind of capital. Earlier this month, Ondas announced it closed a registered direct offering expected to generate around $959.2 million in net proceeds, along with a substantial bundle of warrants—rights allowing holders to purchase shares later at a fixed price. 5
Ondas recently updated its corporate name, dropping “Holdings” to become Ondas Inc., effective Jan. 16, according to a filing. 6
That said, some caveats remain. The company’s most recent revenue numbers are still preliminary and unaudited. Plus, the capital structure now carries a hefty warrant overhang, which could increase dilution risk and keep daily trading volatile. Investors will also likely reexamine the going-concern warnings from the previous auditor once the annual report is released.
The upcoming trigger is the company’s 2025 Form 10-K filing, offering the first audited full-year numbers following the recent guidance revision. Investors are also eyeing the promised March update on full-year results and the outlook for 2026.
