Elwood Norris Sells 35,000 Shares of Wrap Technologies (NASDAQ:WRAP) Stock

Key Points

• Elwood Norris, a major shareholder, sold 35,000 shares of Wrap Technologies on Feb. 9 at an average price of $1.82 for about $63,700, reducing his stake by 0.68% to 5,141,042 shares (SEC filing disclosed).
• Wrap's stock recently traded down to $1.46 with a market cap of about $81 million; the company reported quarterly EPS of ($0.08) (beating estimates) and revenue of $1.40 million, but showed deeply negative net margin and return on equity.
• Institutional ownership is roughly 8.8% with several funds increasing stakes, yet analyst sentiment remains negative—Weiss Ratings reiterated a "Sell (D-)" and the consensus rating is "Sell."

Wrap Technologies, Inc. (NASDAQ:WRAP - Get Free Report) major shareholder Elwood Norris sold 35,000 shares of Wrap Technologies stock in a transaction on Monday, February 9th. The stock was sold at an average price of $1.82, for a total transaction of $63,700.00. Following the completion of the transaction, the insider owned 5,141,042 shares in the company, valued at $9,356,696.44. This trade represents a 0.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

Wrap Technologies Trading Down 2.1%

WRAP traded down $0.03 during trading on Tuesday, hitting $1.46. The stock had a trading volume of 203,097 shares, compared to its average volume of 369,074. The firm has a market cap of $80.97 million, a PE ratio of -6.95 and a beta of 1.41. Wrap Technologies, Inc. has a 12 month low of $1.20 and a 12 month high of $3.23. The company has a 50 day simple moving average of $1.55 and a 200-day simple moving average of $2.06.

Wrap Technologies (NASDAQ:WRAP - Get Free Report) last announced its earnings results on Thursday, March 26th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.02. The firm had revenue of $1.40 million for the quarter, compared to the consensus estimate of $1.61 million. Wrap Technologies had a negative net margin of 198.63% and a negative return on equity of 103.50%.

Institutional Investors Weigh In On Wrap Technologies

A number of institutional investors and hedge funds have recently modified their holdings of WRAP. XTX Topco Ltd acquired a new position in Wrap Technologies in the second quarter valued at about $32,000. Osaic Holdings Inc. increased its stake in Wrap Technologies by 13.6% in the second quarter. Osaic Holdings Inc. now owns 53,708 shares of the company's stock valued at $84,000 after purchasing an additional 6,442 shares in the last quarter. Vanguard Group Inc. increased its stake in Wrap Technologies by 6.3% in the third quarter. Vanguard Group Inc. now owns 1,660,908 shares of the company's stock valued at $3,604,000 after purchasing an additional 98,782 shares in the last quarter. Squarepoint Ops LLC increased its stake in Wrap Technologies by 45.3% in the third quarter. Squarepoint Ops LLC now owns 50,209 shares of the company's stock valued at $109,000 after purchasing an additional 15,650 shares in the last quarter. Finally, Raymond James Financial Inc. increased its stake in Wrap Technologies by 6.0% in the third quarter. Raymond James Financial Inc. now owns 646,853 shares of the company's stock valued at $1,404,000 after purchasing an additional 36,429 shares in the last quarter. 8.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Wrap Technologies in a report on Wednesday, April 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has a consensus rating of "Sell".

About Wrap Technologies

Wrap Technologies, Inc NASDAQ: WRAP is a designer and manufacturer of less-lethal restraint devices aimed at law enforcement and security professionals. Its flagship product, the BolaWrap®, is a handheld remote restraint tool that deploys a Kevlar-reinforced cord to safely immobilize individuals from a distance of up to 25 feet. The system is engineered to support de-escalation tactics and reduce reliance on physical force in high-risk encounters.

Based in Scottsdale, Arizona, Wrap Technologies oversees product development, testing and training at its headquarters.

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