Insider Selling: Wrap Technologies (NASDAQ:WRAP) Major Shareholder Sells $49,329.28 in Stock

Wrap Technologies, Inc. (NASDAQ:WRAP) major shareholder Elwood Norris sold 27,104 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $1.82, for a total transaction of $49,329.28. Following the completion of the sale, the insider directly owned 5,113,938 shares of the company’s stock, valued at approximately $9,307,367.16. This trade represents a 0.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Wrap Technologies Price Performance

Shares of NASDAQ WRAP opened at $1.44 on Friday. The firm has a fifty day moving average price of $1.54 and a 200-day moving average price of $2.04. The stock has a market cap of $79.92 million, a PE ratio of -6.86 and a beta of 1.41. Wrap Technologies, Inc. has a 1 year low of $1.20 and a 1 year high of $3.23.

Wrap Technologies (NASDAQ:WRAP) last announced its quarterly earnings data on Thursday, March 26th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. The firm had revenue of $1.40 million during the quarter, compared to analysts’ expectations of $1.61 million. Wrap Technologies had a negative net margin of 198.63% and a negative return on equity of 103.50%.

Hedge Funds Weigh In On Wrap Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Wrap Technologies by 6.3% during the third quarter. Vanguard Group Inc. now owns 1,660,908 shares of the company’s stock worth $3,604,000 after acquiring an additional 98,782 shares during the last quarter. Raymond James Financial Inc. boosted its position in shares of Wrap Technologies by 6.0% during the third quarter. Raymond James Financial Inc. now owns 646,853 shares of the company’s stock worth $1,404,000 after acquiring an additional 36,429 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Wrap Technologies by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 407,287 shares of the company’s stock worth $970,000 after acquiring an additional 6,340 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Wrap Technologies by 236.0% during the fourth quarter. Renaissance Technologies LLC now owns 156,900 shares of the company’s stock worth $373,000 after acquiring an additional 110,200 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Wrap Technologies by 16.2% during the fourth quarter. State Street Corp now owns 129,667 shares of the company’s stock worth $309,000 after acquiring an additional 18,100 shares during the last quarter. Institutional investors own 8.82% of the company’s stock.

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 investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus 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.