AXON - Why Axon Enterprise Stock Crashed Today
Shares of Axon Enterprise (NASDAQ: AXON) tumbled 4.5% on Friday to close out trading after having rallied earlier in the week on new contract win news. While there was no specific news today that should have caused the stun gun maker to fall, the Dow Jones Industrial Average lost over 200 points for the day even as the S&P 500 eked out a very small gain.
The stock action doesn't really align with the opportunity before it. Even though Axon is encountering tough competition in body cameras, evidence management, and database systems, its premiere conducted energy device (CED) -- or what most people refer to as a stun gun -- continues to see rapid adoption by law enforcement agencies.
Image source: Axon Enterprise.
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Why Axon Enterprise Stock Crashed Today