Axon Enterprise (NASDAQ:AXON) Trading 7.6% Higher – Here’s Why

Axon Enterprise, Inc (NASDAQ:AXON) shares shot up 7.6% during mid-day trading on Thursday . The stock traded as high as $416.19 and last traded at $420.9350. 115,503 shares were traded during trading, a decline of 89% from the average session volume of 1,064,069 shares. The stock had previously closed at $391.32.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AXON. William Blair reaffirmed an “outperform” rating on shares of Axon Enterprise in a research note on Tuesday, February 3rd. Wall Street Zen raised shares of Axon Enterprise from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Citigroup restated a “buy” rating on shares of Axon Enterprise in a report on Wednesday, February 25th. UBS Group reduced their target price on shares of Axon Enterprise from $570.00 to $440.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Finally, Craig Hallum restated a “buy” rating and set a $820.00 target price on shares of Axon Enterprise in a report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $712.75.

Axon Enterprise Stock Performance

The stock’s fifty day moving average is $410.07 and its two-hundred day moving average is $496.12. The firm has a market capitalization of $35.23 billion, a price-to-earnings ratio of 175.43, a price-to-earnings-growth ratio of 7.01 and a beta of 1.44. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.93 and a current ratio of 2.27.

Axon Enterprise (NASDAQ:AXON) last released its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01. The business had revenue of $807.35 million during the quarter, compared to analyst estimates of $778.91 million. Axon Enterprise had a net margin of 6.90% and a return on equity of 3.78%. The business’s revenue was up 33.7% on a year-over-year basis. During the same period last year, the business earned $1.47 EPS. Analysts forecast that Axon Enterprise, Inc will post 1.82 earnings per share for the current year.

Insider Activity

In other Axon Enterprise news, Director Erika Nardini sold 198 shares of the firm’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $506.58, for a total transaction of $100,302.84. Following the completion of the transaction, the director directly owned 1,946 shares of the company’s stock, valued at $985,804.68. This trade represents a 9.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jennifer H. Mak sold 1,500 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $573.45, for a total transaction of $860,175.00. Following the completion of the transaction, the chief accounting officer owned 12,240 shares in the company, valued at approximately $7,019,028. The trade was a 10.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 5,855 shares of company stock valued at $2,907,428 in the last 90 days. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Creative Financial Designs Inc. ADV bought a new position in shares of Axon Enterprise in the 4th quarter worth about $28,000. New Millennium Group LLC bought a new position in shares of Axon Enterprise in the 3rd quarter worth about $29,000. Sound Income Strategies LLC lifted its position in shares of Axon Enterprise by 550.0% in the 4th quarter. Sound Income Strategies LLC now owns 52 shares of the biotechnology company’s stock worth $30,000 after buying an additional 44 shares during the last quarter. Camelot Portfolios LLC bought a new position in shares of Axon Enterprise in the 4th quarter worth about $30,000. Finally, AlphaCentric Advisors LLC bought a new position in shares of Axon Enterprise in the 4th quarter worth about $34,000. 79.08% of the stock is currently owned by institutional investors.

Axon Enterprise Company Profile

Axon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company’s hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.