Shares of Taser International were up more than 8% on Monday as traders continue to bet that the unfolding events in Ferguson will increase demand for their police wearable cameras.
On Friday, shares of the company gained nearly 10%, and in the last five trading session, the stock has gained more than 21%.
In a Bloomberg report on Friday, Brian Ruttenbur, an analyst at CRT Capital, was quoted as saying, “The stock is running on more speculation that police officers may be wearing [TASER’s cameras.] It’s directly related to what’s happening in Missouri.”
Over the weekend, the National Guard was called into Ferguson as protests following the shooting of 18-year-old Michael Brown flared.
On August 12, TASER announced that the Fresno Police Department ordered 100 of the company’s AXON body-worn video cameras, and TASER announced that in the second quarter of this year, sales of its AXON body cameras totaled $US2.83 million.
The recent rally in shares of TASER came after what had been a rough year for the stock, which was down more than 24% year-to-date through July 31.
This chart from Yahoo Finance shows the rise in TASER shares over the last five trading days.
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