Why Axon Enterprise Stock Is Soaring Today

Why Axon Enterprise Stock Is Soaring Today

Axon Enterprise Inc AXON shares are trading higher Wednesday after the company reported better-than-expected financial results and raised guidance.

Axon said second-quarter revenue increased 31% year-over-year to $285.61 million, which beat the estimate of $258.96 million, according to Benzinga Pro. The company said its top-line results were driven by strong demand for Axon Cloud SaaS solutions, Axon Body 3 and Axon Fleet 3 systems and its TASER 7 platform.

Axon reported quarterly earnings of 44 cents per share, which beat the estimate of 39 cents per share.

"Customers are increasingly demonstrating their confidence that we are the right technology partner for them, for the next decade," the company said in a letter to shareholders.

Axon raised its full-year revenue guidance from a range of $1.05 billion to $1.1 billion to a range of $1.07 billion to $1.12 billion versus the estimate of $1.08 billion.

Following the company's results, Credit Suisse analyst Sami Badri maintained Axon with an Outperform rating and raised the price target from $134 to $142.

See Also: CPI Inflation Slows To 8.5% In July, Stocks Rip Higher — But Are Wages Keeping Up?

AXON Price Action: Axon has a 52-week high of $157.50 and a 52-week low of $82.49.

The stock was up 13.1% at $126.22 at press time, according to Benzinga Pro.

Photo: courtesy of Axon Enterprise.

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