Byrna Technologies Inc. (BYRN) stock has soared to a 52-week high, reaching a price level of $26.49 USD. This milestone underscores a remarkable period of growth for the non-lethal defense technology company, which has seen its stock value surge by 368% over the past year. According to InvestingPro data, the company's market capitalization now stands at $591 million, with impressive gross profit margins of 60%. Investors have rallied behind Byrna's innovative approach to personal security, propelling the stock to new heights and reflecting a robust confidence in the company's market position and future prospects. The company has demonstrated strong operational performance with revenue growth of 71% in the last twelve months. InvestingPro analysis reveals 24 additional key insights about BYRN's valuation and growth prospects, available through their comprehensive Pro Research Report.
In other recent news, Byrna Technologies Inc. has reported a significant sales milestone, having sold over 500,000 units of its less-lethal launchers as of November 2024. This achievement has been supported by robust financials, with a reported 70.7% revenue growth and a gross profit margin of 60.3% in the last twelve months. The company's third quarter 2024 earnings call revealed a 194% increase in net revenue year-over-year to $20.9 million, largely due to a successful direct-to-consumer sales strategy. Byrna also reported a net income of $1 million, a substantial improvement from a net loss of $4.1 million in the same period the previous year.
Continuing with recent developments, Byrna's CEO, Bryan Ganz, announced plans for expanding celebrity endorsements and retail presence, with new stores in Nashville, Scottsdale, Salem, and Pasadena. In addition, the company aims to increase the advertising budget by 50% in 2025. Byrna's management has further demonstrated confidence by authorizing a $10 million share buyback program, of which $3 million worth of shares have already been repurchased.
Analyst consensus from InvestingPro supports Byrna's optimistic outlook, reporting strong buy recommendations and a price target range of $21.75 to $27.00. These recent developments suggest Byrna Technologies is on a growth trajectory, with an expanded retail presence, international expansion, and increased production capacity.
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