10 S&P 500 Stocks That Outperformed Bitcoin in 2024

4. Axon Enterprise, Inc. (NASDAQ:AXON)

1-Year Price Performance: 155.29%

Number of Hedge Fund Holders: 46

Axon Enterprise, Inc. (NASDAQ:AXON) is a prominent provider of law enforcement technology solutions, including less-lethal weaponry, body cameras, and cloud-based software. The company’s target market is law enforcement agencies in the United States and beyond.

On February 4, JMP Securities analyst Trevor Walsh increased Axon Enterprise’s price target to $725 from $610, while maintaining his Market Outperform rating for the AXON stock, indicating confidence in the company’s growth trajectory. Walsh emphasized the usefulness of Axon’s products in increasing police officer productivity and the potential for considerable time savings, especially through the company’s software solutions. According to the analyst, Axon Enterprise, Inc. (NASDAQ:AXON) will leverage its product story even further in 2025 with the release of the AI Era Plan package, which offers a $1.8 billion market potential.

Conestoga Capital Advisors stated the following regarding Axon in its Q4 2024 investor letter:

Axon Enterprise, Inc. (NASDAQ:AXON) continued to see robust demand for its products and services, from TASERs to body cameras to the software that powers many applications within public safety operations. Shares jumped on third-quarter results, which saw revenue grow 32%, EBITDA 58%, and backlog 33% to $7.7 billion. In addition, AXON continued to expand adjusted EBITDA margins, which were above 25% in the third quarter. AXON was a leader in three of the four quarters in 2024.