FirstWave Capital Management LLC Makes New $2.54 Million Investment in Axon Enterprise, Inc $AXON

Key Points

• FirstWave Capital Management initiated a $2.54 million position in Axon Enterprise during the second quarter, purchasing 4,528 shares. Institutional investors and hedge funds collectively own 79.08% of the company.
• Analysts remain broadly positive, with 14 Buy ratings and three Holds; Axon has a “Moderate Buy” consensus rating and an average price target of $721.57.
• Axon’s stock opened at $515.67, down 4.2%, despite quarterly revenue rising 35.3% year over year to $904.39 million and adjusted earnings of $1.88 per share, slightly above estimates. Insiders sold $32.6 million of shares during the last quarter under pre-arranged trading plans.

FirstWave Capital Management LLC bought a new stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,528 shares of the biotechnology company's stock, valued at approximately $2,538,000. Axon Enterprise comprises approximately 1.1% of FirstWave Capital Management LLC's investment portfolio, making the stock its 26th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in AXON. Evergreen Capital Management LLC grew its holdings in Axon Enterprise by 3.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 413 shares of the biotechnology company's stock worth $342,000 after acquiring an additional 15 shares during the last quarter. Synergy Financial Group LTD grew its stake in shares of Axon Enterprise by 1.4% in the third quarter. Synergy Financial Group LTD now owns 1,388 shares of the biotechnology company's stock worth $996,000 after purchasing an additional 19 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in Axon Enterprise by 1.2% in the second quarter. Tower Research Capital LLC TRC now owns 1,631 shares of the biotechnology company's stock valued at $1,350,000 after purchasing an additional 19 shares during the period. Pure Financial Advisors LLC lifted its holdings in Axon Enterprise by 6.7% during the 4th quarter. Pure Financial Advisors LLC now owns 364 shares of the biotechnology company's stock worth $207,000 after buying an additional 23 shares during the period. Finally, Keel Point LLC increased its stake in shares of Axon Enterprise by 4.4% in the first quarter. Keel Point LLC now owns 599 shares of the biotechnology company's stock valued at $254,000 after buying an additional 25 shares during the period. Institutional investors and hedge funds own 79.08% of the company's stock.

Insider Activity

In other news, insider Jeffrey C. Kunins sold 9,605 shares of the firm's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $626.70, for a total transaction of $6,019,453.50. Following the completion of the sale, the insider directly owned 97,761 shares of the company's stock, valued at $61,266,818.70. This trade represents a 8.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick W. Smith sold 9,930 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $548.77, for a total transaction of $5,449,286.10. Following the sale, the chief executive officer owned 3,031,067 shares of the company's stock, valued at $1,663,358,637.59. This trade represents a 0.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 56,380 shares of company stock worth $32,582,366 over the last quarter. Insiders own 4.20% of the company's stock.

Analyst Ratings Changes

AXON has been the subject of several analyst reports. Barclays raised their price target on shares of Axon Enterprise from $523.00 to $688.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. UBS Group upped their price target on shares of Axon Enterprise from $440.00 to $600.00 and gave the company a "neutral" rating in a research report on Thursday, August 6th. Piper Sandler lifted their price objective on Axon Enterprise from $724.00 to $732.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. TD Cowen restated a "buy" rating on shares of Axon Enterprise in a research report on Wednesday, July 22nd. Finally, Needham & Company LLC reiterated a "buy" rating on shares of Axon Enterprise in a report on Wednesday. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Axon Enterprise presently has an average rating of "Moderate Buy" and an average target price of $721.57.

Axon Enterprise Stock Down 4.2%

AXON stock opened at $515.67 on Friday. The stock's 50 day simple moving average is $569.47 and its 200 day simple moving average is $486.24. The company has a market cap of $41.89 billion, a P/E ratio of 213.97, a price-to-earnings-growth ratio of 8.74 and a beta of 1.40. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. Axon Enterprise, Inc has a fifty-two week low of $339.01 and a fifty-two week high of $792.16.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.84 by $0.04. Axon Enterprise had a return on equity of 2.84% and a net margin of 6.19%.The firm had revenue of $904.39 million during the quarter, compared to the consensus estimate of $876.42 million. During the same quarter in the previous year, the company posted $2.12 earnings per share. The company's quarterly revenue was up 35.3% on a year-over-year basis. On average, research analysts expect that Axon Enterprise, Inc will post 2.04 earnings per share for the current fiscal year.

Axon Enterprise Company Profile

Axon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company's hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.

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