New York, January 20, 2026, 08:47 EST — Premarket
Ondas Inc shares dropped 5.3% in premarket trading Tuesday, slipping to $12.16. The stock had closed at $12.84 yesterday.
The pullback comes as investors reassess Ondas, now seen as a small-cap defense and industrial tech firm with a significantly bigger cash reserve. Its capital structure has also shifted, adding a substantial layer of warrants.
H.C. Wainwright analyst Amit Dayal bumped Ondas’ price target to $25 from $12 while maintaining a buy rating, according to StreetInsider. He highlighted the company’s strong footing heading into 2026, pointing to a recent $1 billion capital raise, boosted revenue forecasts for 2026, and a growth strategy focused on acquisitions.
Needham’s Austin Bohlig raised his price target to $17 from $12, according to StreetInsider.
A price target reflects an analyst’s projection of where a stock might land in the coming year. In thinly traded small caps, even one note can shift the tape noticeably.
Ondas wrapped up a registered direct offering earlier this month, offloading 19 million shares plus pre-funded warrants that act like stock but can be exercised for a minimal price, the company reported. The package also included common stock warrants tied to about 121.6 million shares, generating roughly $959.2 million in net proceeds. Ondas noted that if those warrants are fully exercised for cash, it could pull in an additional $3.4 billion.
The upside’s clear: Ondas now has extra cash to back deals and boost product development. The downside? More potential shares lurking could weigh on the market, especially following a strong rally.
The story still hinges on execution. Investors are banking on Ondas to turn defense and security demand into steady revenue streams, despite the integration challenges that come with acquisitions and the growing size of targets.
In the short term, traders are eyeing fresh contract disclosures closely, looking for signs of how quickly management plans to spend cash—be it on M&A, boosting manufacturing capacity, or expanding sales teams. Volatility will probably remain elevated as the market sorts out what’s genuine demand versus what’s just optimistic slide-deck talk.
Ondas told investors on Jan. 16 that it expects to report results for the quarter and year ended Dec. 31 in March, after flagging preliminary revenue of $27.0 million to $29.0 million for the fourth quarter and $47.6 million to $49.6 million for the year. It also put preliminary backlog at about $65.3 million as of Dec. 31 and said the figures were unaudited and subject to change.
