Scottsdale-Based Axon Stock Jumps After Weekend Unrest, Police Violence
Shares of stun-gun makers hit one-year highs Monday, as the nationwide protests against police killings fuel investors and markets to rally behind gun alternatives.
The nation's largest manufacturer, Scottsdale-based Axon makes taser guns and body-camera equipment for law enforcement agencies across the country. On Monday, its shares spiked more than 18% after protests against police brutality turned violent in many cities.
“The way to solve the gun violence problem would be to bring Captain Kirk’s phaser to life from science fiction and Star Trek," said CEO Rick Smith shared his philosophy with KJZZ in December. "If we had weapons that did what guns are supposed to do — that is, stop a threat — and that those weapons didn’t kill someone — then there really wouldn’t be a rationale for why you would need to kill anyone in self-defense anymore,” he said.
Competitors Digital Ally and Cemtrex supplying surveillance, security and law enforcement equipment also saw record highs in stock prices this week as protests over the police killing of George Floyd convulsed the nation over the weekend.
Authorities arrested more than 4,000 people in U.S. cities over the weekend, and the National Guard was deployed in dozens of cities.
Shares of Taser and body camera maker Axon Enterprises popped 18.2% to close at 89.75 in Monday's stock market trading, according to NASDAQ.
Meanwhile, Axon stock retook an 89.53 buy point. Digital Ally, which makes body cameras for law enforcement, soared 76%. Shares of Vislink Technologies (VISL) and Cemtrex (CETX), which both make facial recognition and live video products, surged 22.6% and 172%, respectively, in Monday's premarket trade.