Elwood Norris Sells 75,000 Shares of Wrap Technologies (NASDAQ:WRAP) Stock

Wrap Technologies, Inc. (NASDAQ:WRAP) major shareholder Elwood Norris sold 75,000 shares of the company’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $1.87, for a total transaction of $140,250.00. Following the transaction, the insider owned 5,216,042 shares of the company’s stock, valued at approximately $9,753,998.54. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Wrap Technologies Stock Performance

Shares of WRAP traded down $0.03 during mid-day trading on Tuesday, hitting $1.46. 203,097 shares of the company were exchanged, compared to its average volume of 369,074. Wrap Technologies, Inc. has a 1-year low of $1.20 and a 1-year high of $3.23. The company has a 50 day moving average of $1.55 and a 200-day moving average of $2.06. The stock has a market cap of $80.97 million, a price-to-earnings ratio of -6.95 and a beta of 1.41.

Wrap Technologies (NASDAQ:WRAP) last released its quarterly earnings results on Thursday, March 26th. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.02. The firm had revenue of $1.40 million during the quarter, compared to the consensus estimate of $1.61 million. Wrap Technologies had a negative net margin of 198.63% and a negative return on equity of 103.50%.

Hedge Funds Weigh In On Wrap Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WRAP. HRT Financial LP purchased a new position in Wrap Technologies in the 4th quarter valued at approximately $27,000. XTX Topco Ltd purchased a new position in Wrap Technologies in the 2nd quarter valued at approximately $32,000. Osaic Holdings Inc. boosted its position in Wrap Technologies by 13.6% in the 2nd quarter. Osaic Holdings Inc. now owns 53,708 shares of the company’s stock valued at $84,000 after buying an additional 6,442 shares during the period. Barclays PLC purchased a new position in Wrap Technologies in the 4th quarter valued at approximately $96,000. Finally, Squarepoint Ops LLC boosted its position in Wrap Technologies by 45.3% in the 3rd quarter. Squarepoint Ops LLC now owns 50,209 shares of the company’s stock valued at $109,000 after buying an additional 15,650 shares during the period. Hedge funds and other institutional investors own 8.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Wrap Technologies in a report on Wednesday, April 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Wrap Technologies presently has a consensus rating of “Sell”.

About Wrap Technologies

Wrap Technologies, Inc (NASDAQ: WRAP) is a designer and manufacturer of less-lethal restraint devices aimed at law enforcement and security professionals. Its flagship product, the BolaWrap®, is a handheld remote restraint tool that deploys a Kevlar-reinforced cord to safely immobilize individuals from a distance of up to 25 feet. The system is engineered to support de-escalation tactics and reduce reliance on physical force in high-risk encounters.

Based in Scottsdale, Arizona, Wrap Technologies oversees product development, testing and training at its headquarters.