Axon Enterprise (AAXN) Shares Gap Down to $50.70

Axon Enterprise Inc (NASDAQ:AAXN) shares gapped down before the market opened on Thursday . The stock had previously closed at $46.60, but opened at $50.70. Axon Enterprise shares last traded at $51.27, with a volume of 21782 shares changing hands.

A number of research analysts have recently commented on the company. LADENBURG THALM/SH SH reiterated a “buy” rating and set a $77.00 target price on shares of Axon Enterprise in a research report on Wednesday, August 8th. Robert W. Baird upgraded Axon Enterprise from a “neutral” rating to an “outperform” rating in a research report on Friday. CL King reiterated a “hold” rating on shares of Axon Enterprise in a research report on Monday, October 22nd. Zacks Investment Research downgraded Axon Enterprise from a “buy” rating to a “hold” rating in a research report on Wednesday, October 24th. Finally, Craig Hallum downgraded Axon Enterprise from a “buy” rating to a “hold” rating and increased their target price for the company from $55.00 to $62.00 in a research report on Wednesday, August 8th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $64.82.

The stock has a market capitalization of $2.96 billion, a PE ratio of 193.52, a price-to-earnings-growth ratio of 3.95 and a beta of 1.00.

Axon Enterprise (NASDAQ:AAXN) last issued its quarterly earnings results on Tuesday, November 6th. The industrial products company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.05. The company had revenue of $104.84 million during the quarter, compared to the consensus estimate of $103.06 million. Axon Enterprise had a return on equity of 10.74% and a net margin of 6.26%. Axon Enterprise’s revenue was up 16.1% on a year-over-year basis. During the same period last year, the company earned $0.01 earnings per share. On average, equities research analysts predict that Axon Enterprise Inc will post 0.51 earnings per share for the current fiscal year.

In related news, insider Douglas E. Klint sold 25,000 shares of the firm’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $69.82, for a total value of $1,745,500.00. Following the completion of the sale, the insider now directly owns 104,341 shares in the company, valued at $7,285,088.62. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mark W. Kroll sold 3,100 shares of the firm’s stock in a transaction on Sunday, December 16th. The stock was sold at an average price of $22.85, for a total value of $70,835.00. Following the completion of the sale, the director now owns 55,135 shares of the company’s stock, valued at $1,259,834.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,197 shares of company stock valued at $2,471,656. 3.90% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC lifted its position in shares of Axon Enterprise by 264.5% during the first quarter. Millennium Management LLC now owns 51,903 shares of the industrial products company’s stock worth $2,040,000 after purchasing an additional 37,662 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Axon Enterprise by 10.7% during the first quarter. Legal & General Group Plc now owns 110,352 shares of the industrial products company’s stock worth $4,286,000 after purchasing an additional 10,627 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Axon Enterprise by 434.0% during the first quarter. Royal Bank of Canada now owns 22,108 shares of the industrial products company’s stock worth $869,000 after purchasing an additional 17,968 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Axon Enterprise by 4.0% during the first quarter. Principal Financial Group Inc. now owns 411,971 shares of the industrial products company’s stock worth $16,194,000 after purchasing an additional 16,022 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its position in shares of Axon Enterprise by 2.8% during the first quarter. Allianz Asset Management GmbH now owns 160,730 shares of the industrial products company’s stock worth $6,318,000 after purchasing an additional 4,315 shares during the last quarter. Institutional investors own 81.80% of the company’s stock.

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About Axon Enterprise (NASDAQ:AAXN)

Axon Enterprise, Inc develops, manufactures, and sells conducted electrical weapons (CEWs) worldwide. The company operates through two segments, TASER Weapons, and Software and Sensors. It offers TASER X26P and TASER X2 smart weapons for law enforcement; consumer CEWs; and replacement cartridges and consumables, as well as performance power magazines.

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