Craig Hallum Downgrades Byrna Technologies (NASDAQ:BYRN) to Hold

Key Points

• Craig Hallum downgraded Byrna Technologies (NASDAQ:BYRN) from Buy to Hold and set a $7.50 price target, implying roughly an 18.3% upside from the current price.
• BYRN shares are down about 31%, opened at $6.34 (near a 52-week low of $6.33), and the company missed quarterly EPS estimates ($0.03 vs. $0.08) with revenue of $29.05M vs. $30.21M expected.
• Analysts remain mixed—MarketBeat shows a consensus Buy with an average target of $26.17—and institutional investors own about 25% of the stock amid recent hedge fund position changes.

Byrna Technologies (NASDAQ:BYRN - Get Free Report) was downgraded by analysts at Craig Hallum from a "buy" rating to a "hold" rating in a report released on Friday. They currently have a $7.50 price target on the stock. Craig Hallum's price objective points to a potential upside of 18.30% from the stock's current price.

BYRN has been the subject of several other reports. B. Riley Financial reduced their target price on Byrna Technologies from $46.00 to $31.00 and set a "buy" rating for the company in a research note on Tuesday, March 10th. Texas Capital raised shares of Byrna Technologies to a "strong-buy" rating in a research note on Tuesday, March 24th. Three investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Byrna Technologies has a consensus rating of "Buy" and an average price target of $26.17.

Byrna Technologies Stock Down 31.1%

NASDAQ:BYRN opened at $6.34 on Friday. Byrna Technologies has a 52 week low of $6.33 and a 52 week high of $34.30. The stock's 50-day moving average price is $11.24 and its 200-day moving average price is $16.24. The stock has a market capitalization of $143.85 million, a PE ratio of 15.85 and a beta of 2.46.

Byrna Technologies (NASDAQ:BYRN - Get Free Report) last released its quarterly earnings results on Thursday, April 9th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.05). The business had revenue of $29.05 million during the quarter, compared to analyst estimates of $30.21 million. Byrna Technologies had a return on equity of 16.14% and a net margin of 8.20%.During the same period in the previous year, the company posted $0.07 EPS. Sell-side analysts expect that Byrna Technologies will post 0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. GatePass Capital LLC purchased a new stake in shares of Byrna Technologies during the third quarter worth $1,309,000. Osaic Holdings Inc. lifted its stake in shares of Byrna Technologies by 188.4% in the second quarter. Osaic Holdings Inc. now owns 103,191 shares of the company's stock worth $3,186,000 after buying an additional 67,406 shares in the last quarter. Maverick Capital Ltd. acquired a new position in Byrna Technologies during the second quarter worth about $3,452,000. Pinnacle Associates Ltd. acquired a new position in Byrna Technologies during the third quarter worth about $1,937,000. Finally, Militia Capital Partners LP purchased a new stake in Byrna Technologies during the 3rd quarter valued at about $2,083,000. 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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