Why These Defense Stocks Are Declining This Week

3. Byrna Technologies Inc. (NASDAQ:BYRN)

Weekly Decline: -12.66%

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 has plunged 37% year-to-date, likely due to its high P/E ratio resulting in overvaluation concerns among investors. With a dip of 12.66% over the past week, Byrna Technologies Inc. (NASDAQ:BYRN) is among the defense stocks that are declining this week.

However, in a positive development, Roth MKM, on March 20, maintained its price target of $33 for Byrna Technologies Inc. (NASDAQ:BYRN), while reiterating a Buy rating for the stock. The company also recently announced that its first ammunition production facility in the United States was now operational in Fort Wayne, Indiana, with a capacity to produce 8 million rounds of its proprietary less-lethal ammunition per annum.