Axon Enterprise (NASDAQ:AXON) Stock Price Down 6% – What’s Next?

Axon Enterprise, Inc (NASDAQ:AXON) dropped 6% during trading on Friday . The stock traded as low as $507.11 and last traded at $509.3920. Approximately 324,795 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,090,910 shares. The stock had previously closed at $541.75.

Wall Street Analyst Weigh In

AXON has been the topic of a number of recent analyst reports. Weiss Ratings raised Axon Enterprise from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 8th. Barclays lowered their target price on Axon Enterprise from $682.00 to $523.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. Piper Sandler lifted their target price on Axon Enterprise from $674.00 to $724.00 and gave the company an “overweight” rating in a research note on Monday. JPMorgan Chase & Co. increased their price target on Axon Enterprise from $750.00 to $755.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, TD Cowen lowered their price target on Axon Enterprise from $950.00 to $825.00 and set a “buy” rating on the stock in a report on Wednesday, April 8th. Fifteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $725.25.

Axon Enterprise Stock Down 4.5%

The firm has a market cap of $41.70 billion, a price-to-earnings ratio of 207.26, a price-to-earnings-growth ratio of 11.04 and a beta of 1.38. The stock’s 50 day moving average is $469.54 and its 200 day moving average is $481.68. The company has a quick ratio of 1.93, a current ratio of 2.27 and a debt-to-equity ratio of 0.49.

Axon Enterprise (NASDAQ:AXON) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.01. Axon Enterprise had a return on equity of 3.78% and a net margin of 6.90%.The firm had revenue of $807.35 million during the quarter, compared to analyst estimates of $778.90 million. During the same period last year, the company posted $1.47 EPS. The firm’s quarterly revenue was up 33.7% on a year-over-year basis. Analysts forecast that Axon Enterprise, Inc will post 1.63 EPS for the current year.

Insider Buying and Selling

In related news, President Joshua Isner sold 13,000 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $488.45, for a total transaction of $6,349,850.00. Following the completion of the sale, the president directly owned 169,125 shares of the company’s stock, valued at $82,609,106.25. This represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Patrick W. Smith sold 10,000 shares of the company’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $643.79, for a total value of $6,437,900.00. Following the completion of the transaction, the chief executive officer directly owned 3,040,997 shares in the company, valued at $1,957,763,458.63. This represents a 0.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 58,989 shares of company stock worth $30,527,983 in the last ninety days. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Axon Enterprise

Hedge funds have recently modified their holdings of the stock. Brighton Jones LLC purchased a new stake in Axon Enterprise during the fourth quarter valued at about $480,000. NewEdge Advisors LLC increased its position in shares of Axon Enterprise by 41.1% in the first quarter. NewEdge Advisors LLC now owns 2,294 shares of the biotechnology company’s stock worth $1,207,000 after acquiring an additional 668 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Axon Enterprise by 8.4% during the first quarter. Empowered Funds LLC now owns 2,028 shares of the biotechnology company’s stock valued at $1,067,000 after acquiring an additional 157 shares during the period. Woodline Partners LP lifted its position in shares of Axon Enterprise by 40.6% in the 1st quarter. Woodline Partners LP now owns 6,932 shares of the biotechnology company’s stock valued at $3,646,000 after acquiring an additional 2,003 shares in the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Axon Enterprise in the 2nd quarter valued at approximately $284,000. 79.08% of the stock is owned by hedge funds and other institutional investors.

About Axon Enterprise

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.