Wrap Technologies (NASDAQ:WRAP) Trading Up 3.3% – Here’s What Happened

Wrap Technologies, Inc. (NASDAQ:WRAP)’s stock price was up 3.3% during mid-day trading on Thursday . The company traded as high as $1.29 and last traded at $1.27. Approximately 141,989 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 234,081 shares. The stock had previously closed at $1.23.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on WRAP shares. Weiss Ratings cut shares of Wrap Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 18th. Wall Street Zen cut shares of Wrap Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

Wrap Technologies Stock Performance

The firm’s 50-day moving average is $1.45 and its two-hundred day moving average is $1.86. The stock has a market cap of $73.02 million, a P/E ratio of -4.37 and a beta of 1.36.

Wrap Technologies (NASDAQ:WRAP) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. The business had revenue of $1.11 million for the quarter, compared to analysts’ expectations of $1.61 million. Wrap Technologies had a negative return on equity of 115.68% and a negative net margin of 270.03%.

Hedge Funds Weigh In On Wrap Technologies

Hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its holdings in Wrap Technologies by 13.6% in the second quarter. Osaic Holdings Inc. now owns 53,708 shares of the company’s stock valued at $84,000 after acquiring an additional 6,442 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in Wrap Technologies by 45.3% in the third quarter. Squarepoint Ops LLC now owns 50,209 shares of the company’s stock valued at $109,000 after acquiring an additional 15,650 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new stake in shares of Wrap Technologies during the 4th quarter valued at $126,000. Renaissance Technologies LLC raised its position in shares of Wrap Technologies by 236.0% during the 4th quarter. Renaissance Technologies LLC now owns 156,900 shares of the company’s stock valued at $373,000 after acquiring an additional 110,200 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Wrap Technologies by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 407,287 shares of the company’s stock valued at $970,000 after acquiring an additional 6,340 shares during the last quarter. Institutional investors own 8.82% of the company’s stock.

Wrap Technologies Company Profile

Wrap Technologies, Inc (NASDAQ: WRAP) is a designer and manufacturer of less-lethal restraint devices aimed at law enforcement and security professionals. Its flagship product, the BolaWrap®, is a handheld remote restraint tool that deploys a Kevlar-reinforced cord to safely immobilize individuals from a distance of up to 25 feet. The system is engineered to support de-escalation tactics and reduce reliance on physical force in high-risk encounters.

Based in Scottsdale, Arizona, Wrap Technologies oversees product development, testing and training at its headquarters.