Axon Enterprise (NASDAQ:AXON) Stock Price Down 5.8% – Here’s What Happened

Axon Enterprise, Inc (NASDAQ:AXON)’s share price fell 5.8% on Monday . The stock traded as low as $564.14 and last traded at $565.83. Approximately 342,833 shares traded hands during trading, a decline of 67% from the average session volume of 1,044,843 shares. The stock had previously closed at $600.73.

Analysts Set New Price Targets

AXON has been the topic of several recent research reports. Morgan Stanley lifted their price objective on shares of Axon Enterprise from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of Axon Enterprise from $750.00 to $755.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating on shares of Axon Enterprise in a research note on Thursday, August 6th. UBS Group increased their price target on Axon Enterprise from $440.00 to $600.00 and gave the company a “neutral” rating in a report on Thursday, August 6th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $700.00 target price on shares of Axon Enterprise in a research report on Thursday, June 25th. Thirteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $730.92.

Axon Enterprise Price Performance

The company has a current ratio of 2.15, a quick ratio of 1.80 and a debt-to-equity ratio of 0.47. The stock has a market cap of $42.11 billion, a price-to-earnings ratio of 215.06, a P/E/G ratio of 9.20 and a beta of 1.39. The company has a 50 day simple moving average of $565.59 and a 200-day simple moving average of $484.77.

Axon Enterprise (NASDAQ:AXON) last released its earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The business had revenue of $904.39 million during the quarter, compared to the consensus estimate of $876.42 million. During the same quarter last year, the firm earned $2.12 earnings per share. The firm’s revenue for the quarter was up 35.3% compared to the same quarter last year. Research analysts expect that Axon Enterprise, Inc will post 2.04 EPS for the current year.

Insider Activity

In other news, CEO Patrick W. Smith sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $500.00, for a total transaction of $10,000,000.00. Following the sale, the chief executive officer owned 3,060,997 shares in the company, valued at $1,530,498,500. This represents a 0.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeffrey C. Kunins sold 9,605 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $626.70, for a total value of $6,019,453.50. Following the completion of the sale, the insider directly owned 97,761 shares of the company’s stock, valued at approximately $61,266,818.70. The trade was a 8.95% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 75,401 shares of company stock valued at $40,670,843. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Axon Enterprise

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Darwin Wealth Management LLC acquired a new position in shares of Axon Enterprise during the 2nd quarter worth about $37,000. Creative Financial Designs Inc. ADV acquired a new stake in Axon Enterprise in the 4th quarter valued at about $28,000. Keating Financial Advisory Services Inc. bought a new position in Axon Enterprise during the second quarter worth about $31,000. AlphaCentric Advisors LLC bought a new position in Axon Enterprise during the fourth quarter worth about $34,000. Finally, Washington Trust Advisors Inc. increased its position in Axon Enterprise by 1,300.0% during the second quarter. Washington Trust Advisors Inc. now owns 70 shares of the biotechnology company’s stock worth $39,000 after buying an additional 65 shares during the last quarter. 79.08% of the stock is owned by 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.