Wrap Technologies (NASDAQ:WRAP) Major Shareholder Elwood Norris Sells 31,991 Shares of Stock

Wrap Technologies, Inc. (NASDAQ:WRAP) major shareholder Elwood Norris sold 31,991 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $2.08, for a total value of $66,541.28. Following the completion of the sale, the insider directly owned 5,268,033 shares of the company’s stock, valued at $10,957,508.64. The trade was a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Wrap Technologies Stock Performance

Wrap Technologies stock opened at $1.46 on Wednesday. Wrap Technologies, Inc. has a fifty-two week low of $1.20 and a fifty-two week high of $3.23. The company has a market capitalization of $81.03 million, a P/E ratio of -6.95 and a beta of 1.41. The stock has a 50-day simple moving average of $1.54 and a 200-day simple moving average of $2.05.

Wrap Technologies (NASDAQ:WRAP) last posted its earnings results on Thursday, March 26th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.02. Wrap Technologies had a negative return on equity of 103.50% and a negative net margin of 198.63%.The business had revenue of $1.40 million during the quarter, compared to the consensus estimate of $1.61 million.

Hedge Funds Weigh In On Wrap Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in WRAP. XTX Topco Ltd acquired a new position in Wrap Technologies during the 2nd quarter worth approximately $32,000. Osaic Holdings Inc. lifted its position in shares of Wrap Technologies by 13.6% during the 2nd quarter. Osaic Holdings Inc. now owns 53,708 shares of the company’s stock valued at $84,000 after acquiring an additional 6,442 shares during the period. Vanguard Group Inc. lifted its position in shares of Wrap Technologies by 6.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,660,908 shares of the company’s stock valued at $3,604,000 after acquiring an additional 98,782 shares during the period. Squarepoint Ops LLC lifted its position in shares of Wrap Technologies by 45.3% during the 3rd quarter. Squarepoint Ops LLC now owns 50,209 shares of the company’s stock valued at $109,000 after acquiring an additional 15,650 shares during the period. Finally, Raymond James Financial Inc. lifted its position in shares of Wrap Technologies by 6.0% during the 3rd quarter. Raymond James Financial Inc. now owns 646,853 shares of the company’s stock valued at $1,404,000 after acquiring an additional 36,429 shares during the period. Institutional investors and hedge funds own 8.82% of the company’s stock.

Key Headlines Impacting Wrap Technologies

Here are the key news stories impacting Wrap Technologies this week:

• Negative Sentiment: Major shareholder Elwood G. Norris sold 27,104 shares on Feb. 10 at an average price of $1.82 (proceeds $49,329.28); his post-sale holding remained ~5.11M shares. SEC Filing
• Negative Sentiment: Norris sold 35,000 shares on Feb. 9 at $1.82 (proceeds $63,700); holding after the sale ~5.14M shares. SEC Filing
• Negative Sentiment: Norris sold 75,000 shares on Feb. 6 at $1.87 (proceeds $140,250); holding after the sale ~5.22M shares. SEC Filing
• Negative Sentiment: Norris sold 20,000 shares on Feb. 3 at $2.20 (proceeds $44,000); holding after the sale ~5.24M shares. SEC Filing
• Negative Sentiment: Norris sold 31,991 shares on Feb. 2 at $2.08 (proceeds $66,541.28); holding after the sale ~5.27M shares. SEC Filing

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Wrap Technologies in a research report on Wednesday, April 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

About Wrap Technologies

Wrap Technologies, Inc (NASDAQ: WRAP) is a designer and manufacturer of less-lethal restraint devices aimed at law enforcement and security professionals. Its flagship product, the BolaWrap®, is a handheld remote restraint tool that deploys a Kevlar-reinforced cord to safely immobilize individuals from a distance of up to 25 feet. The system is engineered to support de-escalation tactics and reduce reliance on physical force in high-risk encounters.

Based in Scottsdale, Arizona, Wrap Technologies oversees product development, testing and training at its headquarters.