Wrap Technologies (NASDAQ:WRAP) Trading Down 2.3% – What’s Next?

Wrap Technologies, Inc. (NASDAQ:WRAP)’s stock price dropped 2.3% during mid-day trading on Wednesday . The stock traded as low as $1.98 and last traded at $2.11. Approximately 336,622 shares changed hands during trading, a decline of 10% from the average daily volume of 371,984 shares. The stock had previously closed at $2.16.

Wrap Technologies Stock Performance

The company has a fifty day simple moving average of $1.71 and a 200 day simple moving average of $1.67. The stock has a market capitalization of $96.81 million, a price-to-earnings ratio of -5.02 and a beta of 1.39.

Wrap Technologies (NASDAQ:WRAP) last issued its quarterly earnings data on Tuesday, October 15th. The company reported ($0.02) earnings per share (EPS) for the quarter. Wrap Technologies had a negative return on equity of 480.59% and a negative net margin of 394.21%. The company had revenue of $1.57 million for the quarter.

Insider Transactions at Wrap Technologies

In related news, major shareholder Elwood G. Norris sold 22,186 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $1.63, for a total transaction of $36,163.18. Following the completion of the sale, the insider now owns 938,539 shares of the company’s stock, valued at $1,529,818.57. This trade represents a 2.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 18.57% of the company’s stock.

Hedge Funds Weigh In On Wrap Technologies

Several institutional investors have recently added to or reduced their stakes in WRAP. Geode Capital Management LLC increased its stake in shares of Wrap Technologies by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 344,401 shares of the company’s stock valued at $517,000 after acquiring an additional 17,150 shares in the last quarter. Main Street Financial Solutions LLC grew its holdings in Wrap Technologies by 16.1% in the second quarter. Main Street Financial Solutions LLC now owns 71,941 shares of the company’s stock worth $144,000 after purchasing an additional 10,000 shares during the period. Wealthspire Advisors LLC bought a new stake in Wrap Technologies in the second quarter valued at $90,000. Finally, GSA Capital Partners LLP raised its holdings in shares of Wrap Technologies by 57.5% during the third quarter. GSA Capital Partners LLP now owns 29,656 shares of the company’s stock valued at $44,000 after purchasing an additional 10,827 shares during the period. 8.82% of the stock is owned by institutional investors and hedge funds.

Wrap Technologies Company Profile

Wrap Technologies, Inc, a public safety technology and services company, develops policing solutions to law enforcement and security personnel. The company's flagship product is BolaWrap 150, a handheld remote restraint device that discharges a seven and a half-foot Kevlar tether, entangling an individual from a range of 10-25 feet.