Axon Enterprise (NASDAQ:AXON) Stock Price Down 6% – What’s Next?

Axon Enterprise, Inc (NASDAQ:AXON)’s stock price dropped 6% during mid-day trading on Friday . The stock traded as low as $507.11 and last traded at $509.3920. Approximately 324,795 shares were traded during trading, a decline of 70% from the average daily volume of 1,090,910 shares. The stock had previously closed at $541.75.

Analyst Ratings Changes

Several brokerages have recently commented on AXON. JPMorgan Chase & Co. raised their target price on Axon Enterprise from $750.00 to $755.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. The Goldman Sachs Group set a $535.00 price target on Axon Enterprise in a research report on Thursday, May 7th. Weiss Ratings raised Axon Enterprise from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Morgan Stanley set a $600.00 price objective on Axon Enterprise in a research report on Thursday, May 7th. Finally, Barclays lowered their target price on Axon Enterprise from $682.00 to $523.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Fifteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $725.25.

Axon Enterprise Stock Performance

The company has a current ratio of 2.27, a quick ratio of 1.93 and a debt-to-equity ratio of 0.49. The firm has a 50-day simple moving average of $469.54 and a two-hundred day simple moving average of $481.68. The company has a market capitalization of $41.70 billion, a price-to-earnings ratio of 207.26, a price-to-earnings-growth ratio of 11.04 and a beta of 1.38.

Axon Enterprise (NASDAQ:AXON) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.01. The business had revenue of $807.35 million during the quarter, compared to analyst estimates of $778.90 million. Axon Enterprise had a return on equity of 3.78% and a net margin of 6.90%.The firm’s revenue was up 33.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.47 EPS. As a group, sell-side analysts forecast that Axon Enterprise, Inc will post 1.63 earnings per share for the current fiscal year.

Insider Activity

In other news, President Joshua Isner sold 13,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $488.45, for a total transaction of $6,349,850.00. Following the transaction, the president owned 169,125 shares in the company, valued at $82,609,106.25. This represents a 7.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Isaiah Fields sold 2,000 shares of Axon Enterprise stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $400.00, for a total transaction of $800,000.00. Following the completion of the sale, the insider directly owned 52,813 shares of the company’s stock, valued at approximately $21,125,200. The trade was a 3.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 58,989 shares of company stock valued at $30,527,983. 4.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Axon Enterprise

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Axon Enterprise by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,367,224 shares of the biotechnology company’s stock valued at $5,319,928,000 after acquiring an additional 53,060 shares during the last quarter. Geode Capital Management LLC grew its holdings in Axon Enterprise by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 2,226,159 shares of the biotechnology company’s stock valued at $1,265,657,000 after purchasing an additional 35,544 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of Axon Enterprise by 1,198.7% in the fourth quarter. Baillie Gifford & Co. now owns 1,642,578 shares of the biotechnology company’s stock valued at $932,869,000 after purchasing an additional 1,516,099 shares during the period. Sands Capital Management LLC grew its stake in Axon Enterprise by 11.6% in the 4th quarter. Sands Capital Management LLC now owns 1,609,436 shares of the biotechnology company’s stock valued at $914,047,000 after buying an additional 167,095 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Axon Enterprise by 326.9% in the 4th quarter. Wellington Management Group LLP now owns 1,539,738 shares of the biotechnology company’s stock worth $874,463,000 after acquiring an additional 1,179,038 shares during the period. 79.08% of the stock is owned by institutional investors and hedge funds.

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.