Axon Enterprise (NASDAQ:AXON) Trading Down 6.4% – Here’s What Happened

Shares of Axon Enterprise, Inc. (NASDAQ:AXON) dropped 6.4% during mid-day trading on Wednesday . The stock traded as low as $662.41 and last traded at $664.33. Approximately 293,435 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 572,517 shares. The stock had previously closed at $710.01.

Analyst Upgrades and Downgrades

AXON has been the subject of several research analyst reports. Robert W. Baird boosted their price target on shares of Axon Enterprise from $600.00 to $800.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Needham & Company LLC boosted their price target on shares of Axon Enterprise from $525.00 to $600.00 and gave the company a “buy” rating in a report on Friday, November 8th. JMP Securities boosted their price target on shares of Axon Enterprise from $610.00 to $725.00 and gave the company a “market outperform” rating in a report on Tuesday, February 4th. Northland Securities upped their target price on shares of Axon Enterprise from $365.00 to $550.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, The Goldman Sachs Group increased their target price on Axon Enterprise from $500.00 to $700.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $542.15.

Axon Enterprise Price Performance

The company has a market cap of $49.28 billion, a P/E ratio of 167.01, a PEG ratio of 6.85 and a beta of 1.05. The company has a fifty day moving average price of $625.48 and a two-hundred day moving average price of $514.81. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.63 and a current ratio of 2.96.

Insider Activity at Axon Enterprise

In other Axon Enterprise news, Director Julie A. Cullivan sold 1,261 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $682.06, for a total transaction of $860,077.66. Following the completion of the sale, the director now directly owns 2,392 shares in the company, valued at $1,631,487.52. This trade represents a 34.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jeffrey C. Kunins sold 2,304 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $654.79, for a total transaction of $1,508,636.16. Following the transaction, the insider now directly owns 128,542 shares in the company, valued at $84,168,016.18. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,711 shares of company stock worth $5,631,561. Insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Axon Enterprise by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 8,446,437 shares of the biotechnology company’s stock worth $5,019,886,000 after purchasing an additional 275,959 shares during the period. Geode Capital Management LLC increased its holdings in shares of Axon Enterprise by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 1,847,925 shares of the biotechnology company’s stock worth $1,095,542,000 after purchasing an additional 65,097 shares during the period. Capital World Investors increased its holdings in shares of Axon Enterprise by 86.4% during the fourth quarter. Capital World Investors now owns 1,815,765 shares of the biotechnology company’s stock worth $1,079,145,000 after purchasing an additional 841,772 shares during the period. Westfield Capital Management Co. LP increased its holdings in shares of Axon Enterprise by 12.2% during the third quarter. Westfield Capital Management Co. LP now owns 1,175,328 shares of the biotechnology company’s stock worth $469,661,000 after purchasing an additional 127,769 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in shares of Axon Enterprise by 273.8% during the fourth quarter. Alliancebernstein L.P. now owns 1,109,045 shares of the biotechnology company’s stock worth $659,128,000 after purchasing an additional 812,337 shares during the period. 79.08% of the stock is owned by institutional investors.

Axon Enterprise Company Profile

Axon Enterprise, Inc develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand in the United States and internationally. It operates through two segments, Software and Sensors, and TASER. The company also offers hardware and cloud-based software solutions that enable law enforcement to capture, securely store, manage, share, and analyze video and other digital evidence.