Wrap Technologies (NASDAQ:WRAP) Trading Up 5.8% - Should You Buy?

Key Points

• Shares of Wrap Technologies (NASDAQ:WRAP) increased by 5.8% on Monday, reaching a trading high of $1.82, with a significant 82% surge in trading volume compared to the average.
• The stock was downgraded from a "hold" to a "sell" rating by Wall Street Zen, indicating potential concerns about future performance.
• Major shareholders have recently sold portions of their holdings, with CEO Scot Cohen selling nearly 97,000 shares and insider Elwood G. Norris selling 30,000 shares, suggesting a decrease in insider confidence.

Shares of Wrap Technologies, Inc. (NASDAQ:WRAP - Get Free Report) were up 5.8% on Monday . The stock traded as high as $1.82 and last traded at $1.81. Approximately 544,535 shares were traded during trading, an increase of 82% from the average daily volume of 299,095 shares. The stock had previously closed at $1.71.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Wrap Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th.

Wrap Technologies Stock Performance

The firm has a 50 day simple moving average of $1.42 and a 200 day simple moving average of $1.58. The firm has a market cap of $91.98 million, a P/E ratio of -9.05 and a beta of 1.35.

Wrap Technologies (NASDAQ:WRAP - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.07) EPS for the quarter. Wrap Technologies had a negative return on equity of 175.85% and a negative net margin of 285.43%.The company had revenue of $1.01 million during the quarter.

Insider Activity

In other news, major shareholder Elwood G. Norris sold 30,000 shares of Wrap Technologies stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $1.68, for a total transaction of $50,400.00. Following the completion of the sale, the insider owned 867,100 shares in the company, valued at approximately $1,456,728. This trade represents a 3.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Scot Cohen sold 96,989 shares of Wrap Technologies stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $1.31, for a total value of $127,055.59. Following the sale, the chief executive officer owned 6,275,356 shares of the company's stock, valued at approximately $8,220,716.36. This trade represents a 1.52% decrease in their position. The disclosure for this sale can be found here. 18.57% of the stock is owned by company insiders.

Institutional Trading of Wrap Technologies

Large investors have recently modified their holdings of the business. XTX Topco Ltd bought a new stake in shares of Wrap Technologies during the 2nd quarter valued at about $32,000. Jane Street Group LLC bought a new stake in shares of Wrap Technologies during the 4th quarter valued at about $70,000. Osaic Holdings Inc. boosted its position in shares of Wrap Technologies by 13.6% during the 2nd quarter. Osaic Holdings Inc. now owns 53,708 shares of the company's stock valued at $84,000 after acquiring an additional 6,442 shares during the last quarter. Finally, Thompson Davis & CO. Inc. bought a new stake in shares of Wrap Technologies during the 2nd quarter valued at about $103,000. Institutional investors own 8.82% of the company's stock.

About Wrap Technologies

Wrap Technologies, Inc, a public safety technology and services company, develops policing solutions to law enforcement and security personnel. The company's flagship product is BolaWrap 150, a handheld remote restraint device that discharges a seven and a half-foot Kevlar tether, entangling an individual from a range of 10-25 feet.

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