Moore Capital Management LP Acquires 2,364 Shares of Axon Enterprise, Inc $AXON

Key Points

• Moore Capital Management increased its Axon Enterprise holdings by 274.2% in the second quarter, purchasing 2,364 additional shares for a total position valued at approximately $1.81 million. Institutional investors collectively own 79.08% of the company.
• Axon reported quarterly revenue of $904.39 million, up 35.3% year over year, and adjusted earnings of $1.88 per share, exceeding analyst expectations of $1.84.
• Despite institutional buying, insiders sold 75,401 shares worth about $40.7 million over the past three months. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $730.92, above the reported share price of $566.56.

Moore Capital Management LP raised its holdings in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) by 274.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,226 shares of the biotechnology company's stock after purchasing an additional 2,364 shares during the period. Moore Capital Management LP's holdings in Axon Enterprise were worth $1,809,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sigma Planning Corp boosted its holdings in Axon Enterprise by 24.2% in the 2nd quarter. Sigma Planning Corp now owns 606 shares of the biotechnology company's stock worth $340,000 after buying an additional 118 shares during the period. GTS Securities LLC bought a new stake in Axon Enterprise during the 2nd quarter valued at $341,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Axon Enterprise by 48.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,345 shares of the biotechnology company's stock worth $1,875,000 after acquiring an additional 1,090 shares in the last quarter. New Mexico Educational Retirement Board lifted its position in shares of Axon Enterprise by 8.3% during the second quarter. New Mexico Educational Retirement Board now owns 3,936 shares of the biotechnology company's stock worth $2,207,000 after acquiring an additional 300 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its holdings in shares of Axon Enterprise by 0.5% in the second quarter. Royal London Asset Management Ltd. now owns 34,634 shares of the biotechnology company's stock worth $19,416,000 after acquiring an additional 185 shares during the period. Institutional investors own 79.08% of the company's stock.

Insiders Place Their Bets

In other news, CRO Cameron Brooks sold 1,242 shares of the firm's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $500.00, for a total transaction of $621,000.00. Following the sale, the executive owned 49,710 shares in the company, valued at approximately $24,855,000. This trade represents a 2.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Joshua Isner sold 13,000 shares of Axon Enterprise stock in a transaction on Friday, June 5th. The stock was sold at an average price of $488.45, for a total transaction of $6,349,850.00. Following the sale, the president directly owned 169,125 shares of the company's stock, valued at $82,609,106.25. This represents a 7.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 75,401 shares of company stock valued at $40,670,843 over the last three months. Corporate insiders own 4.20% of the company's stock.

Axon Enterprise Price Performance

Shares of NASDAQ AXON opened at $566.56 on Tuesday. The firm has a market capitalization of $46.03 billion, a P/E ratio of 235.09, a P/E/G ratio of 9.75 and a beta of 1.39. The company has a quick ratio of 1.80, a current ratio of 2.15 and a debt-to-equity ratio of 0.47. The stock's 50-day simple moving average is $563.88 and its two-hundred day simple moving average is $484.18. Axon Enterprise, Inc has a twelve month low of $339.01 and a twelve month high of $792.16.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the company posted $2.12 EPS. The company's revenue for the quarter was up 35.3% on a year-over-year basis. As a group, equities analysts anticipate that Axon Enterprise, Inc will post 2.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Piper Sandler lifted their price target on Axon Enterprise from $724.00 to $732.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. UBS Group raised their target price on Axon Enterprise from $440.00 to $600.00 and gave the stock a "neutral" rating in a research note on Thursday, August 6th. Citizens Jmp reaffirmed a "market outperform" rating and set a $700.00 target price on shares of Axon Enterprise in a report on Thursday, June 25th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Axon Enterprise in a research report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. increased their price target on shares of Axon Enterprise from $750.00 to $755.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Thirteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Axon Enterprise presently has an average rating of "Moderate Buy" and an average target price of $730.92.

Axon Enterprise 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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