Insider Selling: Wrap Technologies (NASDAQ:WRAP) Major Shareholder Sells 31,991 Shares of Stock

Wrap Technologies, Inc. (NASDAQ:WRAP) major shareholder Elwood Norris sold 31,991 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $2.08, for a total value of $66,541.28. Following the sale, the insider directly owned 5,268,033 shares in the company, valued at approximately $10,957,508.64. This trade represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Wrap Technologies Stock Performance

Wrap Technologies stock traded down $0.03 during midday trading on Tuesday, hitting $1.46. 203,097 shares of the company were exchanged, compared to its average volume of 369,074. Wrap Technologies, Inc. has a fifty-two week low of $1.20 and a fifty-two week high of $3.23. The business has a fifty day simple moving average of $1.55 and a two-hundred day simple moving average of $2.06. The firm has a market capitalization of $80.97 million, a PE ratio of -6.95 and a beta of 1.41.

Wrap Technologies (NASDAQ:WRAP) last released its quarterly earnings results on Thursday, March 26th. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. The company had revenue of $1.40 million during the quarter, compared to analysts’ expectations of $1.61 million. Wrap Technologies had a negative return on equity of 103.50% and a negative net margin of 198.63%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Wrap Technologies in a report on Wednesday, April 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Wrap Technologies presently has an average rating of “Sell”.

Institutional Investors Weigh In On Wrap Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. HRT Financial LP acquired a new stake in shares of Wrap Technologies in the fourth quarter valued at approximately $27,000. XTX Topco Ltd purchased a new position in Wrap Technologies in the second quarter worth approximately $32,000. Barclays PLC purchased a new position in Wrap Technologies in the fourth quarter worth approximately $96,000. Squarepoint Ops LLC grew its position in Wrap Technologies by 45.3% in the third quarter. Squarepoint Ops LLC now owns 50,209 shares of the company’s stock worth $109,000 after acquiring an additional 15,650 shares during the period. Finally, OMERS ADMINISTRATION Corp purchased a new position in Wrap Technologies in the fourth quarter worth approximately $126,000. Institutional investors and hedge funds own 8.82% of the company’s stock.

Wrap Technologies Company Profile

Wrap Technologies, Inc (NASDAQ: WRAP) is a designer and manufacturer of less-lethal restraint devices aimed at law enforcement and security professionals. Its flagship product, the BolaWrap®, is a handheld remote restraint tool that deploys a Kevlar-reinforced cord to safely immobilize individuals from a distance of up to 25 feet. The system is engineered to support de-escalation tactics and reduce reliance on physical force in high-risk encounters.

Based in Scottsdale, Arizona, Wrap Technologies oversees product development, testing and training at its headquarters.