13 Best Defense Stocks to Buy According to Billionaires

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

Number of Billionaires: 13

Billionaire Holdings: $939,404,874

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. It has a diverse product catalog featuring conducted energy devices, cameras, and sensors, among others.

On February 25, the company reported higher-than-expected earnings for the fourth quarter of fiscal 2024. It generated a net income of $135.2 million, growing 137% from last year. Quarterly revenue surged 34% year-over-year to $575 million, marking the 12th consecutive quarter of 25%+ revenue growth.

Axon Enterprise, Inc. (NASDAQ:AXON)’s revenue for the full year grew 33% to $2.1 billion. This is nearly double the figure reported two years ago. The company 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.

Following the results, several analysts reiterated their Buy and Strong Buy ratings for Axon Enterprise, Inc. (NASDAQ:AXON), while raising their price targets, which reflected the bullish sentiment around the company. The stock has an average share price upside potential of nearly 13%.

According to Insider Monkey’s database for Q4 2024, 13 billionaires held a stake in the company, with combined holdings of over $939 million. Axon Enterprise, Inc. (NASDAQ:AXON) is one of the best defense stocks to buy right now.

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