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Ondo InsurTech Plc ( (GB:ONDO) ) has shared an update.
Ondo InsurTech Plc has announced a fundraising initiative to raise at least £2.20 million through a combination of a placing, subscription, and retail offering. The funds will be used to accelerate the company’s commercial expansion in the United States, particularly by enhancing US plumber coverage and developing the LeakBot Edge. The fundraising involves issuing new ordinary shares at a price of 25 pence each, representing a 17.4% discount to the previous day’s closing price. The initiative is expected to strengthen Ondo’s market position and support its growth strategy in the competitive insurtech sector.
The most recent analyst rating on (GB:ONDO) stock is a Hold with a £31.00 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.
Spark’s Take on GB:ONDO Stock
According to Spark, TipRanks’ AI Analyst, GB:ONDO is a Neutral.
Ondo InsurTech Plc’s overall stock score is primarily impacted by its financial performance, which is a major concern due to negative profitability and high leverage. Technical analysis provides a neutral outlook, while valuation metrics highlight ongoing financial challenges.
To see Spark’s full report on GB:ONDO stock, click here.
More about Ondo InsurTech Plc
Ondo InsurTech Plc is a leading provider of claims prevention technology for home insurers, focusing on the global expansion of its LeakBot technology. LeakBot is designed to prevent water damage claims, which are a significant issue in home insurance, accounting for $17 billion annually in the USA and UK. The technology connects to home networks to detect leaks and notify customers, reducing water damage claim costs by up to 70%. Ondo partners with 26 insurance carriers, including major names like Nationwide and Liberty Mutual, across Europe and the USA.
Average Trading Volume: 630,258
Technical Sentiment Signal: Strong Buy
Current Market Cap: £42.97M
See more data about ONDO stock on TipRanks’ Stock Analysis page.