Rounding Out Our Position in These Shares
| Symbol | Transaction Type (Sell/Buy) | # Shares Traded |
|---|---|---|
| AXON | Buy | 25 |
After you receive this alert, the Pro Portfolio will buy 25 shares of Axon Enterprise ($AXON) at or near $410. Following the trade, we will own 535 AXON shares, accounting for roughly 3.6% of the Pro Portfolio’s assets.
Earlier this month, we added to the Portfolio’s position in AXON shares following multiple wins across several states for its products and services. We are making a similar move today that should round out the Portfolio’s position size and we’re doing it on the back of several other wins that were formally announced by Axon:
- Body-Worn Cameras and Digital Evidence Management: Federal agencies added over 22,000 Axon body-worn cameras and digital evidence management licenses, including translation tools this year.
- Airspace Security with Counter-Drone Technology: Under an IDIQ contract, the Department of Homeland Security chose Axon’s Dedrone platform to deliver real-time airspace monitoring, drone identification, and threat mitigation for critical infrastructure protection.
- Taser Devices for VA Police: The U.S. Department of Veterans Affairs added over 1,600 Taser 10 devices to begin equipping VA police officers protecting medical centers, veterans and healthcare staff.
To be clear, these are in addition to the wins we discussed when we bought more AXON shares on October 8 at $408.42.
We see these collective wins adding to the company’s future contracted bookings figure with product wins paving the way for its higher margin and recurring revenue stream software and services business. These wins also show Axon pushing deeper into the federal space, an area management has been targeting along with international and the enterprise.
For now, we will maintain our $700 price target and our $360 checkpoint level. The next known set of catalysts will be when AXON and Motorola Solutions ($MSI) report their quarterly results. So far, neither has listed those reporting dates, but we’ll keep our eyes peeled and share them when we see them.
More Pro Portfolio:
- Picking Up More Shares of This Holding After Multiple Wins
- Tracking 33 Signals Across 9 of the Pro Portfolio’s Investment Themes
- Weekly Roundup: Oil, Yields and AI Jitters Make for a Choppy Climb
(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade’s executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long AXON shares.
