Citizens turned bullish on Monday on autonomous-systems firm Ondas Inc. (NASDAQ:ONDS), initiating coverage with an Outperform rating as it pitches the company as a diversified platform positioned for growth.

Citizens said Ondas spans four high-growth submarkets within the broader autonomous systems category.

Ondas Wins $56 Million European Defense Contract

Announced Monday, the $56 million order is for Electronic Safe & Arm Devices tied to a European loitering munition program. It is Ondas’ first major defense order since buying GATE Technologies and Bron Technologies.

The deal expands Ondas’ Precision Strike business and increases its exposure to the precision weapons market. Ondas is also pursuing additional opportunities across NATO and allied defense markets. Contract details cite demand for mission-critical systems.

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Ondas Buys Insignito, Ottopia Defense and Caribou Labs

Ondas said Sept. 23 it acquired three defense businesses — Insignito, Ottopia Defense and Caribou Labs — for $56 million in cash or Ondas stock, with potential earnouts up to $32 million.

The purchases add technologies ranging from systems already deployed in active conflict environments to capabilities slated for near-term mission integration. T

The acquired businesses are expected to integrate across Ondas’ existing platforms, further strengthening its autonomous defense capabilities.

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ONDS Stock Price Activity: Ondas stock was up 2.76% at $7.44 at the time of publication on Monday, according to data from Benzinga Pro.

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