Shares of less-lethal weapons manufacturer Byrna Technologies have surged more than 20% today, Wednesday, September 4. The trigger was preliminary third-quarter earnings, with revenue nearly tripling.
Details
At the start of trading on Wednesday, Byrna Technologies stock jumped 20.4% to $12.94 per share, the highest mark since May. For the year to date, it is now up more than 80%.
The company released preliminary unaudited results before the opening bell, reporting a 194% year-over-year jump in revenue to $20.8 million in the fiscal-2024 third quarter (ended August 31). It attributed the growth to its marketing strategies, which included a celebrity endorsement campaign launched at the end of 2023.
About Byrna Technologies
Byrna has been developing less-lethal weapons and ammunition for over 20 years, originally focusing on military and law enforcement applications. However, success came only when the company shifted its focus to the needs of retail customers, including homeowners, hunters, and weapons collectors. Today, its products can even be purchased on Amazon.
Back in the second quarter, net revenue climbed 76% year over year to $20.3 million, while net profit reached $2.1 million, compared to a loss of $1.1 million during the same period last year.
Along with the second-quarter results, the company at that time announced plans to ramp up production to 18,000 launchers per month, anticipating what could be higher demand due to potential unrest in the wake of the U.S. presidential election. In the third quarter, Byrna produced 55,000 launchers, in line with these plans.
Analyst insights
According to MarketWatch, all three analysts currently covering Byrna Technologies rate it a buy. The average target price is $16.75 per share, implying upside of about 56% versus the September 3 closing price.
In August, Byrna announced a new, $10 million buyback program over the next two years, as it believes the stock is currently undervalued by the market.
