Byrna Technologies (NASDAQ:BYRN) Shares Gap Up on Better-Than-Expected Earnings

Byrna Technologies Inc. (NASDAQ:BYRN) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $22.80, but opened at $25.18. Byrna Technologies shares last traded at $26.79, with a volume of 572,998 shares trading hands.

The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.05 by $0.04. Byrna Technologies had a net margin of 14.28% and a return on equity of 16.96%. The business had revenue of $28.18 million during the quarter, compared to analysts’ expectations of $28.00 million. During the same period in the previous year, the business posted $0.04 EPS.

Analysts Set New Price Targets

Several equities research analysts recently commented on BYRN shares. LADENBURG THALM/SH SH raised shares of Byrna Technologies to a “strong-buy” rating in a report on Wednesday, October 1st. Roth Capital boosted their price target on shares of Byrna Technologies from $33.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Craig Hallum started coverage on shares of Byrna Technologies in a report on Wednesday, July 16th. They issued a “buy” rating and a $39.00 price target for the company. Finally, B. Riley reissued a “buy” rating and issued a $46.00 price target (up previously from $39.00) on shares of Byrna Technologies in a report on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $38.75.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Advisors Asset Management Inc. boosted its stake in shares of Byrna Technologies by 67.7% in the first quarter. Advisors Asset Management Inc. now owns 52,499 shares of the company’s stock valued at $884,000 after purchasing an additional 21,199 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Byrna Technologies in the first quarter valued at approximately $537,000. GAMMA Investing LLC boosted its stake in shares of Byrna Technologies by 3,377.2% in the first quarter. GAMMA Investing LLC now owns 4,277 shares of the company’s stock valued at $72,000 after purchasing an additional 4,154 shares during the period. American Century Companies Inc. acquired a new stake in Byrna Technologies in the first quarter valued at approximately $218,000. Finally, Rhumbline Advisers raised its holdings in Byrna Technologies by 5.0% in the first quarter. Rhumbline Advisers now owns 23,590 shares of the company’s stock valued at $397,000 after acquiring an additional 1,129 shares in the last quarter. Hedge funds and other institutional investors own 25.46% of the company’s stock.

Byrna Technologies Stock Up 21.2%

The company’s fifty day moving average is $20.94 and its two-hundred day moving average is $23.09. The stock has a market cap of $627.20 million, a price-to-earnings ratio of 44.56 and a beta of 2.05.

Byrna Technologies Company Profile

Byrna Technologies Inc, a non-lethal defense technology company, provides non-lethal alternative solutions for law enforcement and private security. The company offers handheld personal security devices and shoulder-fired launchers without the need for background check or firearm license; and projectiles including chemical irritant, kinetic, and inert rounds.