Axon Enterprise Inc (NASDAQ:TASR) shares are in the red after today’s hyped-up announcement failed to impress the market. Previously, Axon shares had rallied sharply higher (up over 5%) in morning trading after the company said it would announce a ‘game changer’ on Wednesday at noon. That announcement turned out to be that Axon is launching a new program to equip every police officer in the United States with a body camera. The company will also be offering supporting software, hardware, data storage, training and support free of cost for one year.
Axon Enterprise Inc (NASDAQ:TASR) CEO Rick Smith said, “We are going ‘all-in’ to empower police officers to more safely and effectively do their jobs and drive important social change by making body cameras available to every officer in America. We believe these cameras are more than just tools to protect communities and the officers who serve them. They also hold the potential to change police work as we know it, by seamlessly collecting an impartial record and reducing the need for endless paperwork. That’s why we’re giving this opportunity to every single police officer in America”.
Given the price action, it seemed that some traders were expecting a new product launch, as opposed to a new pricing strategy. In addition, Taser/Axon will be changing its name to Axon and ticker to AAXN tomorrow.
What Does The Smart Money Sentiment Say?
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According to our data, smart money sentiment in Axon Enterprise was relatively unchanged in Q4. Although the number of funds holding shares fell by one quarter-over-quarter to 11 (of the 742 in all), the amount held increased to $69.86 million at the end of Q4 from $49.13 million at the end of Q3.
The Bottom Line
Axon Enterprise Inc (NASDAQ:TASR) shares are lower today after today’s big news disappointed some traders. For more reading, check out ‘10 Best Camera Drones Under $100‘.