Axon Soars Past 52-Week High As Outlook Ignites Investor Frenzy

Axon Enterprise Inc. AXON shares surged during Tuesday’s regular session after multiple analysts raised their price forecasts following the company’s strong second-quarter results and increased full-year revenue guidance.

According to Benzinga Pro, Raymond James maintained an Outperform rating on Axon and lifted its price forecast to $855 from $645. UBS reiterated a Neutral rating and raised its forecast to $840 from $820.

Needham reaffirmed its Buy rating and boosted its price forecast to $870 from $820. The upgrades came as Axon stock soared past its 52-week high of $830.21. The stock’s strong rebound from its 52-week low of $279.02 underscores its recent momentum.

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Axon reported second-quarter earnings of $2.12 per share, beating the consensus estimate of $1.46 by 45.11%. Revenue was $669 million, ahead of the $641.24 million estimate and up from $504.1 million a year earlier.

Software and Services revenue rose 39% year-over-year to $292 million. Connected Devices revenue increased 29% to $376 million, while Platform Solutions revenue surged 86% to $67 million.

Annual recurring revenue also grew 39% to $1.2 billion. Adjusted gross margin reached 63.3%, improving 20 basis points from the year-ago quarter, excluding stock-based compensation and intangible amortization.

Outlook

Axon raised its full-year revenue outlook to $2.65 billion to $2.73 billion, up from prior guidance of $2.6 billion to $2.7 billion, compared with the $2.66 billion consensus estimate.

AXON is trading 15.75% above its 20-day, 13.04% above its 50-day, and 36.98% above its 200-day simple moving averages, reflecting strong short- and long-term momentum.

Price Action: At last check Tuesday, AXON shares were trading higher by 16.4% to $867.17.

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