Axon Says It’s a Software Firm, But Its Tasers Still Dominate the News
- Shares of Axon Enterprise have risen 19% since late May
- The climb comes as the firm refocuses on its software business
The Taser X26 electronic weapon is seen at the Taser International Inc. manufacturing facility in Scottsdale, Arizona.
Photographer: Patrick T. Fallon/Bloomberg
Shares of stun-gun maker Axon Enterprise Inc. saw a meteoric rise as protests and outrage against racism and police brutality gripped the U.S. in late May, but the company is banking on a future focused on software, not gear.
The company formerly known as Taser International Inc. has risen 19% since May 26, the day after Minneapolis police killed George Floyd, as investors bet on increased demand for stun guns, body cameras and software used by law enforcement. That’s more than three times the return of the S&P 500 Index over the time. Axon’s market value swelled to more than $6 billion and a record share price heralded a secondary offering.