Wrap Technologies (NASDAQ:WRAP) Shares Down 7.6% – Here’s Why

Wrap Technologies, Inc. (NASDAQ:WRAP)’s stock price dropped 7.6% during trading on Monday. The company traded as low as $1.34 and last traded at $1.34. Approximately 551,779 shares changed hands during trading, an increase of 9% from the average daily volume of 506,567 shares. The stock had previously closed at $1.45.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Wrap Technologies in a research report on Thursday, August 13th. Wall Street Zen raised Wrap Technologies from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

Wrap Technologies Stock Down 7.6%

The firm has a market cap of $75.04 million, a PE ratio of -4.96 and a beta of 1.31. The stock has a 50 day moving average price of $1.67 and a two-hundred day moving average price of $1.56.

Wrap Technologies (NASDAQ:WRAP) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.06. The firm had revenue of $2.05 million for the quarter, compared to the consensus estimate of $1.61 million. Wrap Technologies had a negative net margin of 205.10% and a negative return on equity of 101.24%.

Insiders Place Their Bets

In related news, Director John Shulman purchased 100,000 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were acquired at an average price of $1.10 per share, for a total transaction of $110,000.00. Following the purchase, the director owned 199,037 shares of the company’s stock, valued at $218,940.70. This trade represents a 100.97% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 33.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in WRAP. Squarepoint Ops LLC acquired a new stake in shares of Wrap Technologies during the second quarter worth $35,000. Royal Capital Wealth Management LLC purchased a new stake in shares of Wrap Technologies during the second quarter valued at $115,000. Renaissance Technologies LLC increased its position in shares of Wrap Technologies by 101.9% in the 1st quarter. Renaissance Technologies LLC now owns 316,762 shares of the company’s stock valued at $488,000 after acquiring an additional 159,862 shares during the period. Finally, BlackRock Inc. acquired a new position in shares of Wrap Technologies in the 2nd quarter valued at $734,000. Hedge funds and other institutional investors own 8.82% of the company’s stock.

Wrap Technologies Company Profile

Wrap Technologies, Inc (NASDAQ: WRAP) develops public-safety technology designed to help law enforcement and other authorized personnel manage difficult encounters with reduced reliance on traditional physical force. Its products are intended for use in situations involving uncooperative, combative, or potentially dangerous individuals.

The company’s principal product is BolaWrap, a handheld remote restraint device that deploys a Kevlar tether to entangle a subject’s legs or arms from a distance.