Table of Contents

What happened

Shares of Axon Enterprise (NASDAQ: AAXN) were up about 5% in afternoon trading as police reform measures get closer scrutiny.

So what

While no news particular to Axon caused the stock to rise today, New Mexico's legislature just approved a bill to require all police officers in the state to wear body cameras. The bill was sent to the governor for her signature. The U.S. Senate is also preparing to debate a national police reform measure this week.

Police officer wearing body camera

Image source: Axon Enterprise.

Now what

Axon Enterprise virtually owns the police body cam market with 47 out of 69 major U.S. cities using its cameras. Departments in New York, Los Angeles, Chicago, and Philadelphia all use Axon body cams. No other competitor comes close, with second place Motorola Solutions supplying just seven major cities.

In the current charged environment, body cameras are increasingly seen as de rigueur equipment for police officers to protect both the public and the officer. In the first quarter, Axon's sensors segment revenue grew 41% year over year due to strong demand for its new Axon Body 3 camera.

10 stocks we like better than Axon Enterprise
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Axon Enterprise wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

 

*Stock Advisor returns as of June 2, 2020

 

Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Axon Enterprise. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



Source link