Byrna Technologies (NASDAQ:BYRN) Lowered to "Strong Sell" Rating by Zacks Research

Key Points

• Zacks Research downgraded Byrna Technologies from “hold” to “strong sell,” adding to a mixed but generally cautious analyst picture on the stock.
• The company recently reported weaker-than-expected quarterly results, with EPS of -$0.44 versus the -$0.10 estimate and revenue of $16.39 million versus $22.32 million expected.
• Byrna shares were trading near 52-week lows at $3.57, with the stock down sharply from its $30.62 high; the company has a market cap of about $81 million.

Byrna Technologies (NASDAQ:BYRN - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Tuesday,Zacks.com reports.

BYRN has been the subject of several other research reports. New Street Research set a $7.50 target price on shares of Byrna Technologies in a research note on Friday, April 10th. B. Riley Financial dropped their price target on shares of Byrna Technologies from $21.00 to $12.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Texas Capital raised shares of Byrna Technologies to a "strong-buy" rating in a research note on Tuesday, March 24th. Craig Hallum lowered shares of Byrna Technologies from a "buy" rating to a "hold" rating and set a $7.50 price objective on the stock. in a report on Friday, April 10th. Finally, Wall Street Zen cut shares of Byrna Technologies from a "sell" rating to a "strong sell" rating in a research report on Sunday. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $7.88.

Byrna Technologies Stock Up 0.8%

NASDAQ:BYRN opened at $3.57 on Tuesday. Byrna Technologies has a 52 week low of $3.51 and a 52 week high of $30.62. The stock's fifty day moving average is $5.68 and its two-hundred day moving average is $9.59. The company has a market capitalization of $81.01 million, a P/E ratio of -19.83 and a beta of 1.80.

Byrna Technologies (NASDAQ:BYRN - Get Free Report) last released its quarterly earnings results on Thursday, July 9th. The company reported ($0.44) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.34). The business had revenue of $16.39 million for the quarter, compared to analysts' expectations of $22.32 million. Byrna Technologies had a negative return on equity of 5.85% and a negative net margin of 3.39%. Sell-side analysts anticipate that Byrna Technologies will post -0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Byrna Technologies

Institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its stake in Byrna Technologies by 89.6% during the third quarter. Russell Investments Group Ltd. now owns 2,215 shares of the company's stock worth $49,000 after purchasing an additional 1,047 shares during the period. Comerica Bank purchased a new position in shares of Byrna Technologies in the fourth quarter valued at approximately $40,000. NBC Securities Inc. grew its holdings in shares of Byrna Technologies by 226.4% in the fourth quarter. NBC Securities Inc. now owns 2,611 shares of the company's stock valued at $44,000 after purchasing an additional 1,811 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Byrna Technologies by 178.5% in the second quarter. Tower Research Capital LLC TRC now owns 3,058 shares of the company's stock valued at $94,000 after purchasing an additional 1,960 shares in the last quarter. Finally, Quarry LP purchased a new stake in Byrna Technologies during the 3rd quarter worth approximately $70,000. 25.46% of the stock is owned by institutional investors and hedge funds.

About Byrna Technologies

Byrna Technologies, Inc NASDAQ: BYRN designs, develops and markets non-lethal personal security devices and accessories intended to provide an alternative to traditional firearms. The company's flagship offerings deploy impact projectiles and chemical irritants in a compact, pistol-style form factor. Its product portfolio includes the Byrna SD and Byrna HD launchers, which utilize proprietary kinetic and irritant cartridges, as well as the lightweight Byrna Air, a CO₂-powered variant optimized for close-quarters defense.

In addition to its core self-defense launchers, Byrna Technologies supplies a range of consumables and support products, including cartridges loaded with pepper-based irritants, inert training rounds, holsters, safe-carry cases and speed loaders.

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