Axon Enterprise, Inc. (NASDAQ:AXON) Sees Significant Drop in Short Interest

Axon Enterprise, Inc. (NASDAQ:AXON) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 2,110,000 shares, a decrease of 11.3% from the August 15th total of 2,380,000 shares. Based on an average daily trading volume, of 557,700 shares, the days-to-cover ratio is presently 3.8 days.

Axon Enterprise Price Performance

Shares of AXON stock traded up $6.16 during midday trading on Monday, reaching $385.77. 479,841 shares of the company traded hands, compared to its average volume of 520,625. The firm’s 50 day simple moving average is $340.58 and its two-hundred day simple moving average is $315.24. Axon Enterprise has a 1-year low of $189.12 and a 1-year high of $386.54. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.88 and a quick ratio of 2.52. The firm has a market cap of $29.15 billion, a PE ratio of 112.80, a price-to-earnings-growth ratio of 10.30 and a beta of 0.94.

Axon Enterprise (NASDAQ:AXON) last posted its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.18. Axon Enterprise had a net margin of 16.06% and a return on equity of 9.34%. The company had revenue of $504.00 million during the quarter, compared to the consensus estimate of $478.35 million. During the same period last year, the firm earned $0.80 EPS. The company’s revenue for the quarter was up 34.5% on a year-over-year basis. On average, equities research analysts expect that Axon Enterprise will post 1.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AXON. Craig Hallum raised their price target on Axon Enterprise from $370.00 to $376.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Robert W. Baird raised their price target on Axon Enterprise from $360.00 to $400.00 and gave the stock an “outperform” rating in a report on Tuesday, September 10th. Needham & Company LLC reissued a “buy” rating and set a $400.00 price target on shares of Axon Enterprise in a report on Wednesday, August 7th. Northland Securities raised their price target on Axon Enterprise from $330.00 to $365.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Finally, Barclays raised their price target on Axon Enterprise from $381.00 to $387.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Axon Enterprise presently has an average rating of “Moderate Buy” and a consensus target price of $365.38.

Insider Activity at Axon Enterprise

In other Axon Enterprise news, CFO Brittany Bagley sold 4,338 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $378.95, for a total transaction of $1,643,885.10. Following the transaction, the chief financial officer now owns 98,825 shares of the company’s stock, valued at $37,449,733.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Axon Enterprise news, Director Julie A. Cullivan sold 900 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $353.53, for a total transaction of $318,177.00. Following the transaction, the director now owns 3,653 shares of the company’s stock, valued at $1,291,445.09. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brittany Bagley sold 4,338 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $378.95, for a total value of $1,643,885.10. Following the transaction, the chief financial officer now directly owns 98,825 shares in the company, valued at approximately $37,449,733.75. The disclosure for this sale can be found here. Insiders have sold 316,981 shares of company stock valued at $115,281,744 over the last quarter. 6.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Axon Enterprise

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Axon Enterprise during the 4th quarter worth approximately $195,406,000. Motley Fool Asset Management LLC increased its stake in shares of Axon Enterprise by 238.7% during the 1st quarter. Motley Fool Asset Management LLC now owns 492,140 shares of the biotechnology company’s stock worth $153,981,000 after purchasing an additional 346,838 shares in the last quarter. 1832 Asset Management L.P. purchased a new position in shares of Axon Enterprise during the 1st quarter worth approximately $81,630,000. Vanguard Group Inc. increased its stake in shares of Axon Enterprise by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 8,143,306 shares of the biotechnology company’s stock worth $2,547,878,000 after purchasing an additional 212,401 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Axon Enterprise by 110.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 276,011 shares of the biotechnology company’s stock worth $71,302,000 after purchasing an additional 144,568 shares in the last quarter. 79.08% of the stock is currently owned by institutional investors and hedge funds.

Axon Enterprise Company 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.