Why Axon Enterprise Stock Is Plummeting Today

Axon Enterprise (NASDAQ: AXON) stock is moving lower in Thursday's trading. The company's share price was down 10.9% as of 12:30 p.m. ET. Meanwhile, the S 500 (SNPINDEX: ^GSPC) was down 0.7%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 0.8%.

The broader market is moving in a bearish direction today after Walmart issued guidance for weak growth, but there's also a company-specific catalyst behind Axon's valuation decline today. 

Craig-Hallum lowered its rating on Axon from buy to hold. The firm also issued a one-year price target of $625 per share. The price target still suggests potential upside of roughly 18%, but the firm's analysts don't see enough upside potential to justify the risk and recommend buying shares right now.

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Source Fool.com