Happy to be GONE, management here dropped the ball - AGAIN !
Thank GOD my 3 year nightmare with these guys is OVER.
The increased revenue number SHOULD have translated into a SOLID EARNINGS BEAT.
They posted $32m in revenue which was higher than the $30m telegraphed by the company back in january.
When revenue came in a $32m they should have posted .10 - .13 cents in earnings.....BUT THEY DIDNT.
They just met the estimate of .07, thus investors sold off the stock hard citing the mismangement of expenses that caused the extra income to NOT make it to the bottom line....AND the revenue growth from AXON wasnt enough to really move the needle relative to ECD sales......
Thus you have a falling stock.
I am very happy to have gone into today holding 0 shares....having sold at $6.50 / $9.39 and yesterday at $8.72 knowing that these guys have a history of mostly dissappointing investors by making stupid decisions.......
Until Axon sales can MEANINGFUL move the needle in sales......this stock is now broken with a HEAD AND SHOULDERS top formation clearly in place........
Today's chart action confirms ALL that I have written.......dead money here for next 6 months.....unless AXON sales ramp up in a meaningful way !!!!!!!!!