Why Is AXON ENTERPRISE INC (AXON) Stock Down Today?

Axon Enterprise shares fell 16.52% to $319.36, marking a sharp decline following the release of third-quarter results. The primary driver was a series of price target cuts and a downgrade from analysts, who cited disappointing financial performance and delays in federal contracts.

What Happened

The stock opened at $347.99, a 9.0% gap down from the prior close of $382.56. Craig-Hallum downgraded the stock to Hold, describing the results as disappointing. RBC cut its price target, citing delays in federal deals. Piper Sandler lowered its target on Dedrone delays. TD Cowen lowered its price target to $650 from $800. Morgan Stanley cut its target to $485 from $640. JPMorgan lowered its target to $610 from $755. Baird reduced its target to $600 from $675.

What The Data Shows

Intraday, the session low reached $309.45 at 9:35 AM ET, while the session high was $349.00 at 7:40 AM ET. Volume stood at 0.7 million shares, which is 0.8 times the three-month daily average. The company has a market cap of $34.5 billion and a P/E ratio of 159.1. Revenue grew 34.6% year over year, while the net margin was 6.2%. The beta is 1.47. The 52-week range is $339.01 to $665.07. The stock printed six fresh 52-week lows on November 6, 2026. Over the last eight sessions, the stock moved down 10.2% from $425.87 to $382.56.

Recent insider activity includes six sells totaling $26.7 million in the last 90 days, with no buys. The most recent sale was by CEO Patrick W. Smith on September 8, 2026. General Counsel Isaiah Fields sold on September 11, 2026. President Joshua Isner sold on August 31, 2026. Congressional disclosures show three buys and no sells in the last 90 days, with the most recent filing on September 22, 2026.

What To Watch

Analyst coverage remains broad, with 25 stories from 8 sources in the last 36 hours. Investors will monitor how the stock reacts to the revised price targets and whether the federal deal delays impact future guidance.