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Why Axon Enterprise Stock Was Crushed This Week
Shares of Axon Enterprise (NASDAQ: AXON) had plunged over 23% this week as of Thursday afternoon after multiple analysts downgraded the stock, largely due to concerns about its valuation and the falling-out with a partner in the space.Axon provides products and services to local law enforcement and the federal government. Northcoast Research analyst Keith Housum downgraded the company from a buy rating to neutral due to tension with a key partner, an elevated valuation, and a potential slowdown caused by federal spending cuts.On Jan. 31, one of Axon's partners, Flock Safety, published a blog saying Axon had ended its partnership with the company and had not been returning management's calls. It worked with Flock Safety, which leverages artificial intelligence to help police departments identify and grab license plate data.Continue reading
Shares of Axon Enterprise (NASDAQ: AXON) had plunged over 23% this week as of Thursday afternoon after multiple analysts downgraded the stock, largely due to concerns about its valuation and the falling-out with a partner in the space.
Axon provides products and services to local law enforcement and the federal government. Northcoast Research analyst Keith Housum downgraded the company from a buy rating to neutral due to tension with a key partner, an elevated valuation, and a potential slowdown caused by federal spending cuts.
On Jan. 31, one of Axon's partners, Flock Safety, published a blog saying Axon had ended its partnership with the company and had not been returning management's calls. It worked with Flock Safety, which leverages artificial intelligence to help police departments identify and grab license plate data.
