Jim Cramer Discussed These 10 NASDAQ 100 Stocks Recently

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

Number of Hedge Fund Holders: 46

Cramer has been a fan of Axon Enterprise, Inc. (NASDAQ:AXON) for a while now and mentioned that the stock doesn’t get the attention that it is due.

“Finally, there’s Axon, the body cam and taser company that owns the software as a service model for the local criminal justice system. I wish I had specifics about which jurisdictions are taking their package, but the growth continues to be shockingly strong both here and now overseas.

Maybe there aren’t enough analogs, but I always feel like Axon doesn’t get the attention it deserves from the analysts. I’ve liked it since it was Taser, TASR, and I like it even more even as the stock was up 130% last year, it needs a split to keep rolling.”

Axon (NASDAQ:AXON) is a leading company that develops TASER devices and provides hardware and cloud-based software solutions to support law enforcement in capturing, storing, managing, and analyzing digital evidence. Its strong position in the industry stems from the widespread use of its TASER products by U.S. law enforcement, which has allowed the company to expand into body-worn cameras and digital evidence management software.

In recent quarters, it has focused on further expanding its technological offerings. CEO Rick Smith highlighted the opportunity presented by potential legislation addressing drone-related challenges, leading the company to pivot toward drone technology. The shift was further solidified with Axon’s acquisition of Dedrone in the third quarter.

Management believes that the addition of Dedrone will increase Axon’s (NASDAQ:AXON) total addressable market (TAM) by approximately $14 billion. Over the past year, Axon’s strategic acquisitions, including Dedrone, Sky-Hero, and Fusus, have expanded its TAM by over 50%, growing from $50 billion to $77 billion.

Additionally, in April 2024, Axon launched Draft One, a generative AI software that automates police report writing using body camera footage. The product quickly achieved a $100 million revenue pipeline, surpassing previous records, and received highly positive customer feedback, which CEO Rick Smith described as the best the company has ever seen.