11 Best American Defense Stocks to Buy Now

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

Number of Hedge Fund Holders: 64

Axon Enterprise, Inc. (NASDAQ:AXON) manufactures weapons and technology for law enforcement agencies, military, and civilian use. The company integrates cloud software solutions and hardware devices to help enable modern policing, defense, and security.

On March 5, the company announced proposed offerings of $1.5 billion in senior notes due 2030 and 2033. Axon Enterprise, Inc. (NASDAQ:AXON) intends to use the proceeds for general corporate purposes, which may include providing capital to support growth initiatives, potential share repurchases, and redemption of convertible senior notes due 2027.

Axon Enterprise, Inc. (NASDAQ:AXON) recently announced impressive results for fiscal 2024. It generated a revenue of $2.1 billion, up 33% from last year, and nearly double from the figure two years ago. The company also marked 12 successive quarters of 25%+ revenue growth.

Annual net income stood at $377 million, supporting the non-GAAP net income of $466 million. Axon Enterprise, Inc. (NASDAQ:AXON) is heading into 2025 with positive momentum and expects to deliver around 25% growth in annual and adjusted EBITDA margin, both, for the current fiscal year.

Axon Enterprise, Inc. (NASDAQ:AXON) is one of the best defense stocks to buy now. Wall Street analysts are bullish on the stock with a consensus Strong Buy rating. According to Insider Monkey’s database for Q4 2024, 64 hedge funds held a stake in the company, up from 46 at the end of the third quarter.

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