Earnings Beat Electrifies Axon Enterprise Stock

AXON also received an upgrade from Craig-Hallum

Assistant Editor
Nov 16, 2021 at 10:22 AM
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Taser maker Axon Enterprise Inc (NASDAQ:AXON) is surging today, up 6.2% to trade at $177.78 at last check, though pulling back from this morning's bigger gains. The company announced third-quarter earnings of $1.17 per share and revenue of $231.99 million, which is much higher than analysts' expected 26 cents per share on $201.22 million. Plus, Craig-Hallum upgraded the stock to "buy" from "hold" after the event, with a price-target hike to $232 from $184. Colliers Securities chimed in too, raising its price target to $240 from $215. 

Earlier jumping as high as $209, AXON neared its Feb. 11 record peak of $212.37. The security has been volatile on the charts this year, though long-term support at its 200-day moving average swooped in to catch multiple pullbacks. 

Following the upgrade, nine of the 11 analysts in coverage carry a "buy" or better rating on AXON, with just two a "hold." Plus, the 12-month consensus price target of $221.67 is still a roughly 21% premium to current levels. Year-to-date, the equity is up roughly 48%. 

Axon stock's typically quiet options pits are overflowing with activity this morning, with options volume running at 61 times what's typically seen at this point. So far, 3,233 calls and 1,819 puts have crossed the tape. The November 220 call is the most popular, followed by the 200 call in the same monthly series, with positions being bought to open at both. 

 

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