9 Best Gun Stocks to Buy Now

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

Number of Hedge Fund Holders: 36

Axon Enterprise, Inc. (NASDAQ:AXON) is an American manufacturer of weapons and technology for law enforcement agencies, military, and civilian use. The company has a diverse product catalog that includes TASER energy weapons, cameras, sensors, and others. It is one of the best gun stocks to buy now, with 36 hedge funds bullish about the company as of Q2 2024 according to Insider Monkey.

The stock has had a tremendous five-year run, during which its share price has grown by a whopping 490%, and revenue has risen 25% or more in each of those five years. The company has been benefitting from strong demand in its TASER segment, tactical acquisitions, and strategic partnerships formed during this period. Axon Enterprise, Inc. (NASDAQ:AXON) had a stellar second quarter of 2024, where it posted a record revenue of over $500 million and booked more than $1 billion in new business. EPS was recorded at $0.526.

Axon Enterprise, Inc. (NASDAQ:AXON) has seen accelerated demand for various products, including Taser 10, Draft One, and Axon Body 4. However, the most notable of these has been Taser 10.

Axon Enterprise, Inc. (NASDAQ:AXON)’s management has expressed concerns about a likely economic downturn coming ahead, but the company at this point seems poised for further growth as demand remains robust. It has raised its full-year outlook and now expects revenue to be between $2.00 billion and $2.05 billion, up from a range of $1.94 billion to $1.99 billion. Another reason for optimism stems from the company’s cloud and services segment, which grew 47% year-over-year during Q2. There is consensus among Street analysts on the stock’s Strong Buy rating.