Axon Enterprise (NASDAQ:AXON) Stock Price Down 7.1% - Here's Why

Axon Enterprise, Inc (NASDAQ:AXON - Get Free Report) shares fell 7.1% during trading on Thursday . The company traded as low as $746.11 and last traded at $748.73. 272,120 shares were traded during trading, a decline of 61% from the average session volume of 698,854 shares. The stock had previously closed at $805.86.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Bank of America raised their price target on Axon Enterprise from $750.00 to $895.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Wolfe Research assumed coverage on Axon Enterprise in a report on Monday, July 7th. They set an "outperform" rating on the stock. The Goldman Sachs Group raised their price target on Axon Enterprise from $730.00 to $830.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Needham & Company LLC raised their price target on Axon Enterprise from $600.00 to $750.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Finally, Barclays raised their price target on Axon Enterprise from $726.00 to $735.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $699.55.

Axon Enterprise Price Performance

The stock has a fifty day simple moving average of $752.67 and a two-hundred day simple moving average of $641.02. The company has a market cap of $56.80 billion, a PE ratio of 176.24, a price-to-earnings-growth ratio of 83.99 and a beta of 1.29. The company has a current ratio of 2.83, a quick ratio of 2.62 and a debt-to-equity ratio of 0.68.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.07. Axon Enterprise had a return on equity of 5.81% and a net margin of 14.86%. The company had revenue of $603.63 million for the quarter, compared to analyst estimates of $585.67 million. During the same quarter in the previous year, the company earned $1.15 EPS. The firm's revenue for the quarter was up 31.3% compared to the same quarter last year. On average, equities analysts predict that Axon Enterprise, Inc will post 5.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Michael Garnreiter sold 5,913 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $760.00, for a total transaction of $4,493,880.00. Following the sale, the director owned 17,740 shares of the company's stock, valued at $13,482,400. The trade was a 25.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Joshua Isner sold 905 shares of Axon Enterprise stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $776.39, for a total value of $702,632.95. Following the transaction, the president owned 268,735 shares of the company's stock, valued at $208,643,166.65. This represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,642 shares of company stock worth $30,500,428 in the last three months. Company insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Axon Enterprise by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 8,632,008 shares of the biotechnology company's stock worth $4,540,005,000 after purchasing an additional 185,571 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Axon Enterprise by 3.7% during the 4th 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 last quarter. Capital World Investors raised its position in shares of Axon Enterprise by 86.4% during the 4th 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 last quarter. Alliancebernstein L.P. raised its position in shares of Axon Enterprise by 15.9% during the 1st quarter. Alliancebernstein L.P. now owns 1,284,935 shares of the biotechnology company's stock worth $675,812,000 after purchasing an additional 175,890 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its position in shares of Axon Enterprise by 29.8% during the 1st quarter. Westfield Capital Management Co. LP now owns 927,801 shares of the biotechnology company's stock worth $487,977,000 after purchasing an additional 212,931 shares during the last quarter. 79.08% of the stock is currently owned by institutional investors and hedge funds.

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.