Sycale Advisors NY LLC Makes New $10.88 Million Investment in Axon Enterprise, Inc $AXON

Key Points

• Sycale Advisors NY LLC acquired 19,399 Axon Enterprise shares worth approximately $10.88 million in the second quarter, making Axon its 10th-largest holding. 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.
• Analyst sentiment remains positive, with 13 Buy ratings and three Holds and a consensus price target of $730.92, although Axon trades at a high valuation of roughly 255 times earnings.

Sycale Advisors NY LLC acquired a new stake in Axon Enterprise, Inc (NASDAQ:AXON - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 19,399 shares of the biotechnology company's stock, valued at approximately $10,875,000. Axon Enterprise comprises about 3.3% of Sycale Advisors NY LLC's holdings, making the stock its 10th biggest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Edgewood Management LLC bought a new stake in Axon Enterprise during the fourth quarter worth $846,516,000. Wellington Management Group LLP grew its position in shares of Axon Enterprise by 326.9% in the 4th quarter. Wellington Management Group LLP now owns 1,539,738 shares of the biotechnology company's stock valued at $874,463,000 after acquiring an additional 1,179,038 shares during the period. Norges Bank bought a new position in shares of Axon Enterprise in the 4th quarter valued at about $515,764,000. BlackRock Inc. increased its stake in shares of Axon Enterprise by 4.3% during the 2nd quarter. BlackRock Inc. now owns 8,334,551 shares of the biotechnology company's stock worth $4,672,432,000 after purchasing an additional 345,365 shares during the last quarter. Finally, Styrax Capital LP acquired a new position in shares of Axon Enterprise during the 1st quarter worth about $84,938,000. 79.08% of the stock is owned by institutional investors.

Axon Enterprise Stock Performance

NASDAQ AXON opened at $614.26 on Friday. The stock has a market cap of $49.90 billion, a PE ratio of 254.88, a P/E/G ratio of 10.48 and a beta of 1.39. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.80 and a current ratio of 2.15. The firm has a 50-day moving average of $539.39 and a 200-day moving average of $475.81. Axon Enterprise, Inc has a 52-week low of $339.01 and a 52-week high of $794.29.

Axon Enterprise (NASDAQ:AXON - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.84 by $0.04. The business had revenue of $904.39 million for the quarter, compared to analyst estimates of $876.42 million. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. Axon Enterprise's quarterly revenue was up 35.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.12 EPS. On average, sell-side analysts anticipate that Axon Enterprise, Inc will post 2.04 EPS for the current year.

Insider Buying and Selling

In other news, CEO Patrick W. Smith sold 20,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $500.00, for a total transaction of $10,000,000.00. Following the transaction, the chief executive officer owned 3,060,997 shares in the company, valued at approximately $1,530,498,500. This trade represents a 0.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Reid Coughlin sold 1,554 shares of Axon Enterprise stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $485.00, for a total value of $753,690.00. Following the sale, the insider directly owned 34,024 shares of the company's stock, valued at approximately $16,501,640. The trade was a 4.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 66,989 shares of company stock valued at $35,216,932 in the last ninety days. 4.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AXON. TD Cowen reiterated a "buy" rating on shares of Axon Enterprise in a research note on Wednesday, July 22nd. Weiss Ratings reissued a "hold (c-)" rating on shares of Axon Enterprise in a research report on Wednesday, August 5th. Needham & Company LLC restated a "buy" rating on shares of Axon Enterprise in a research note on Thursday, August 6th. JPMorgan Chase & Co. raised their price objective on Axon Enterprise from $750.00 to $755.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Finally, Zacks Research downgraded Axon Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Axon Enterprise has an average rating of "Moderate Buy" and a consensus 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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