Byrna Technologies (NASDAQ:BYRN) Sees Unusually-High Trading Volume Following Earnings Beat

Byrna Technologies Inc. (NASDAQ:BYRN - Get Free Report) shares saw strong trading volume on Thursday following a stronger than expected earnings report. 658,692 shares changed hands during trading, an increase of 18% from the previous session's volume of 556,056 shares.The stock last traded at $25.91 and had previously closed at $32.30.

The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.07. Byrna Technologies had a net margin of 15.15% and a return on equity of 16.96%.

Wall Street Analyst Weigh In

BYRN has been the subject of a number of research reports. Roth Mkm reissued a "buy" rating and set a $33.00 target price on shares of Byrna Technologies in a research note on Thursday, March 20th. B. Riley reissued a "buy" rating and set a $39.00 target price (up previously from $38.00) on shares of Byrna Technologies in a research note on Friday, June 6th. Wolfe Research raised shares of Byrna Technologies to a "strong-buy" rating in a research note on Friday, June 6th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $37.00 price objective (up previously from $33.00) on shares of Byrna Technologies in a research note on Wednesday.

Insiders Place Their Bets

In other Byrna Technologies news, Director Emily Rooney bought 2,500 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The shares were acquired at an average price of $20.50 per share, with a total value of $51,250.00. Following the completion of the purchase, the director directly owned 37,564 shares in the company, valued at $770,062. The trade was a 7.13% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 9.75% of the stock is currently owned by insiders.

Institutional Trading of Byrna Technologies

Hedge funds have recently modified their holdings of the stock. Capital Research Global Investors bought a new position in Byrna Technologies in the fourth quarter valued at approximately $47,203,000. Driehaus Capital Management LLC acquired a new stake in Byrna Technologies in the fourth quarter worth $9,304,000. Invesco Ltd. raised its holdings in Byrna Technologies by 72.4% in the fourth quarter. Invesco Ltd. now owns 697,655 shares of the company's stock worth $20,099,000 after purchasing an additional 293,049 shares during the period. Nuveen Asset Management LLC raised its holdings in Byrna Technologies by 1,039.5% in the fourth quarter. Nuveen Asset Management LLC now owns 266,239 shares of the company's stock worth $7,670,000 after purchasing an additional 242,875 shares during the period. Finally, Millennium Management LLC raised its holdings in Byrna Technologies by 247.9% in the first quarter. Millennium Management LLC now owns 326,670 shares of the company's stock worth $5,501,000 after purchasing an additional 232,770 shares during the period. 25.46% of the stock is owned by institutional investors.

Byrna Technologies Stock Down 21.1%

The company's fifty day simple moving average is $27.73 and its two-hundred day simple moving average is $25.69. The company has a market capitalization of $577.93 million, a price-to-earnings ratio of 41.54 and a beta of 2.02.

Byrna Technologies Company Profile

Byrna Technologies Inc, a non-lethal defense technology company, provides non-lethal alternative solutions for law enforcement and private security. The company offers handheld personal security devices and shoulder-fired launchers without the need for background check or firearm license; and projectiles including chemical irritant, kinetic, and inert rounds.

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