Byrna Technologies (NASDAQ:BYRN) Shares Down 7.4% - Is It Time to Sell?

Byrna Technologies Inc. (NASDAQ:BYRN) experienced a significant drop in share price, trading down 7.4% on a recent Friday. The stock reached a low of $28.65 before settling at $28.42, which was a notable decline from its previous close of $30.69. During the trading session, approximately 151,415 shares changed hands, marking a reduction of 60% when compared to the average trading volume of 378,431 shares.

Wall Street Analysts Forecast Potential Growth

In a recent report published on October 30th, Roth MKM reaffirmed a "buy" rating for Byrna Technologies, alongside a price target set at $20.00 per share. Currently, three analysts have assigned a buy rating to the stock, and there is one notable strong buy ranking. According to data collected by MarketBeat, Byrna Technologies holds a consensus rating of "Buy" with an average price target of $17.75.

Byrna Technologies Stock Performance Overview

Byrna Technologies has a market capitalization of approximately $626.48 million, with a price-to-earnings ratio standing at 303.87. The stock also has a beta of 1.67, indicating a level of volatility. The 50-day moving average for the stock is $26.22, while the 200-day moving average is significantly lower at $18.20.

Insights from Hedge Funds on Byrna Technologies

Recent activity from hedge funds and institutional investors indicates a shift in stakeholdings within Byrna Technologies. FMR LLC increased its holdings by an impressive 47.9% during the third quarter, accumulating a total of 1,694,610 shares valued at $28,758,000 after acquiring an additional 548,670 shares. Similarly, Millennium Management LLC raised its investments in the company by 53.5% in the second quarter, now owning 321,915 shares valued at $3,213,000 after buying an extra 112,262 shares. State Street Corp also raised its position by 36.9%, owning 314,315 shares valued at $5,334,000 after acquiring 84,723 additional shares in the last quarter. Other firms, including Renaissance Technologies LLC and Squarepoint Ops LLC, also made new purchases in Byrna Technologies, leading to approximately 25.46% of the stock being held by institutional investors and hedge funds.

Understanding Byrna Technologies' Business Model

Byrna Technologies Inc. is renowned for its focus on non-lethal defense technology, providing alternatives for law enforcement and private security sectors. The company specializes in offering handheld personal security devices, shoulder-fired launchers, and various projectiles — including chemical irritants, kinetic, and inert rounds — all without the necessity for background checks or a firearm license.

Conclusion: The Future of Byrna Technologies

While Byrna Technologies continues to garner interest from analysts and institutional investors, its recent stock performance raises questions for potential buyers. Investors must weigh the benefits of continued investment against the recent downturn in stock price. Whether it is the right time to sell or hold shares will depend on individual investment strategies and risk tolerance.

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