Why These Defense Stocks Are Declining This Week

5. Byrna Technologies Inc. (NASDAQ:BYRN)

Weekly Decline: -7.25%

Byrna Technologies Inc. (NASDAQ:BYRN) manufactures less-lethal equipment and munitions for personal security, private security firms, military, and law enforcement agencies.

The company’s share price is down 28% year-to-date, likely due to overvaluation concerns among investors, given its high P/E ratio of 43.44. The stock plunged 9.75% during the week of February 24, then dropped 12.63% in the following week. With a dip of 7.25% over the past week, Byrna Technologies Inc. (NASDAQ:BYRN) has made the list of the top declining defense stocks for the third week in a row.

On March 13, Byrna Technologies Inc. (NASDAQ:BYRN) announced that its first ammunition production facility in the United States was now operational in Fort Wayne, Indiana. It has the capacity to produce 8 million rounds of its proprietary less-lethal ammunition per annum. The news is expected to help the stock recover in the weeks ahead.