Axon Enterprise, Inc (NASDAQ:AXON) Position Cut by BIT Capital GmbH

Key Points

• BIT Capital GmbH reduced its stake in Axon Enterprise by 58.8%, owning 1,836 shares worth approximately $966,000 after selling 2,625 shares in the first quarter.
• A significant increase in Axon Enterprise holdings has been seen by hedge funds, with 79.08% of the stock now owned by institutional investors following multiple new purchases and increases in existing positions.
• In the most recent earnings report, Axon Enterprise surpassed expectations with $1.41 EPS compared to estimates of $1.34, while its revenue of $603.63 million also exceeded forecasts.

BIT Capital GmbH lowered its holdings in shares of Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 58.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,836 shares of the biotechnology company's stock after selling 2,625 shares during the quarter. BIT Capital GmbH's holdings in Axon Enterprise were worth $966,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. TCTC Holdings LLC grew its holdings in Axon Enterprise by 75.0% during the 1st quarter. TCTC Holdings LLC now owns 56 shares of the biotechnology company's stock valued at $29,000 after buying an additional 24 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in Axon Enterprise during the 4th quarter valued at $30,000. Bartlett & CO. Wealth Management LLC raised its position in shares of Axon Enterprise by 132.0% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 58 shares of the biotechnology company's stock worth $31,000 after acquiring an additional 33 shares in the last quarter. Catalyst Capital Advisors LLC bought a new position in shares of Axon Enterprise in the 1st quarter worth $32,000. Finally, Alpine Bank Wealth Management purchased a new position in Axon Enterprise during the 1st quarter worth $40,000. Hedge funds and other institutional investors own 79.08% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AXON. JPMorgan Chase & Co. boosted their target price on Axon Enterprise from $730.00 to $850.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. The Goldman Sachs Group boosted their target price on Axon Enterprise from $730.00 to $830.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Barclays boosted their price target on Axon Enterprise from $726.00 to $735.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Morgan Stanley set a $885.00 price target on Axon Enterprise and gave the company an "overweight" rating in a research note on Friday, July 11th. Finally, Craig Hallum upgraded Axon Enterprise from a "hold" rating to a "buy" rating and set a $900.00 price target on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $837.69.

Insider Activity

In related news, President Joshua Isner sold 9,905 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $738.03, for a total value of $7,310,187.15. Following the completion of the sale, the president directly owned 298,809 shares in the company, valued at approximately $220,530,006.27. This represents a 3.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael Garnreiter sold 5,913 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $760.00, for a total value of $4,493,880.00. Following the completion of the sale, the director owned 17,740 shares of the company's stock, valued at approximately $13,482,400. This represents a 25.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,642 shares of company stock worth $25,090,528. 4.40% of the stock is owned by corporate insiders.

Axon Enterprise Stock Up 0.4%

NASDAQ:AXON traded up $3.68 during midday trading on Thursday, reaching $867.33. The company had a trading volume of 302,699 shares, compared to its average volume of 707,132. The firm has a market capitalization of $67.52 billion, a price-to-earnings ratio of 214.16, a PEG ratio of 96.66 and a beta of 1.36. The stock's fifty day simple moving average is $769.48 and its 200-day simple moving average is $661.14. Axon Enterprise, Inc has a 12-month low of $344.00 and a 12-month high of $885.91. The company has a current ratio of 2.95, a quick ratio of 2.62 and a debt-to-equity ratio of 0.63.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last posted its earnings results on Monday, August 4th. The biotechnology company reported $2.12 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.58. The business had revenue of $668.54 million for the quarter, compared to analysts' expectations of $641.77 million. Axon Enterprise had a return on equity of 6.80% and a net margin of 13.64%. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The business's revenue was up 32.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Axon Enterprise, Inc will post 5.8 earnings per share for the current fiscal year.

Axon Enterprise 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.