Axon Enterprise (NASDAQ:AXON) Trading Down 7.2% – What’s Next?

Shares of Axon Enterprise, Inc (NASDAQ:AXON) fell 7.2% during mid-day trading on Tuesday . The stock traded as low as $467.82 and last traded at $470.7260. 147,854 shares were traded during mid-day trading, a decline of 85% from the average session volume of 981,512 shares. The stock had previously closed at $507.28.

Analysts Set New Price Targets

Several equities research analysts have issued reports on AXON shares. Piper Sandler dropped their price target on Axon Enterprise from $753.00 to $690.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. William Blair reaffirmed an “outperform” rating on shares of Axon Enterprise in a report on Tuesday, February 3rd. Needham & Company LLC cut their price target on shares of Axon Enterprise from $870.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Northcoast Research raised Axon Enterprise from a “neutral” rating to a “buy” rating and set a $742.00 price objective on the stock in a research note on Tuesday, January 6th. Finally, Royal Bank Of Canada decreased their price objective on Axon Enterprise from $860.00 to $735.00 and set an “outperform” rating on the stock in a report on Wednesday, February 25th. Sixteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $762.93.

Axon Enterprise Price Performance

The company has a quick ratio of 2.29, a current ratio of 2.53 and a debt-to-equity ratio of 0.53. The firm’s fifty day moving average price is $516.98 and its 200-day moving average price is $597.88. The stock has a market cap of $37.04 billion, a P/E ratio of 302.44, a PEG ratio of 10.59 and a beta of 1.46.

Axon Enterprise (NASDAQ:AXON) last announced its quarterly earnings results on Tuesday, February 24th. The biotechnology company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.55. Axon Enterprise had a net margin of 4.48% and a return on equity of 2.82%. The business had revenue of $796.72 million during the quarter, compared to analysts’ expectations of $755.29 million. During the same quarter in the prior year, the company posted $2.08 EPS. The firm’s revenue for the quarter was up 38.5% compared to the same quarter last year. Analysts forecast that Axon Enterprise, Inc will post 5.8 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Erika Nardini sold 198 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $506.58, for a total transaction of $100,302.84. Following the transaction, the director owned 1,946 shares in the company, valued at $985,804.68. The trade was a 9.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeri Williams sold 157 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $490.00, for a total value of $76,930.00. Following the transaction, the director directly owned 1,159 shares of the company’s stock, valued at $567,910. The trade was a 11.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 23,855 shares of company stock valued at $13,299,928 over the last ninety days. Corporate insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in AXON. Stone House Investment Management LLC purchased a new position in shares of Axon Enterprise during the third quarter valued at about $29,000. New Millennium Group LLC bought a new stake in Axon Enterprise during the 3rd quarter valued at approximately $29,000. Darwin Wealth Management LLC bought a new stake in Axon Enterprise during the 2nd quarter valued at approximately $37,000. Root Financial Partners LLC purchased a new position in shares of Axon Enterprise during the 3rd quarter worth approximately $34,000. Finally, Creative Financial Designs Inc. ADV bought a new position in shares of Axon Enterprise in the 4th quarter worth approximately $28,000. 79.08% of the stock is owned by hedge funds and other 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.