Axon Enterprise, Inc. (AXON) saw a significant price increase on December 3, 2024, closing at $669.87, up 5.26% from the previous close of $636.39. The stock opened at $652.91 and reached a high of $675.47, with trading volume nearly doubling the average at 1,318,974 shares. This surge was primarily driven by a bullish upgrade from Morgan Stanley, which raised Axon's rating to Overweight and set a price target of $700, citing the company's growth potential in AI-driven initiatives and its leadership in public safety technology. Additionally, the announcement of Loomis US deploying over 2,000 Axon Body 4 cameras further bolstered investor confidence, highlighting Axon's expanding market presence and innovative product offerings.
The day also saw unusual options trading activity, with a significant number of bullish call options, indicating strong investor optimism. This was reflected in the 52 uncommon options trades detected, with 47 being call options totaling over $5.2 million. The combination of the Morgan Stanley upgrade, the Loomis deployment, and the bullish options activity contributed to the positive sentiment and upward momentum in Axon's stock price.