In a report released today, James McIlree from Chardan Capital reiterated a Buy rating on Wrap Technologies Inc (WRTC), with a price target of $12.50. The company’s shares closed yesterday at $6.90.
McIlree observed:
“We reiterate our Buy recommendation and $12.50 target We believe Wrap can match the sales trajectory of Taser, and generate sales of $100 million in five to ten years. Taser (now Axon) introduced its first non-lethal restraint device to the law enforcement market in December 1999 and grew sales of this category to $25 million in four years, $100 million in seven years and $250 million currently. Wrap could exceed these results if it is able to build distribution at a faster pace than Taser. Wrap should also benefit from the current environment where the public and law enforcement are calling for new tools in non-lethal restraint.”
According to TipRanks.com, McIlree is a 1-star analyst with an average return of -3.2% and a 47.1% success rate. McIlree covers the Consumer Goods sector, focusing on stocks such as Foresight Autonomous Holdings Ltd, Vuzix Corporation, and Arcimoto Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Wrap Technologies Inc with a $12.50 average price target.
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The company has a one-year high of $9 and a one-year low of $2.10. Currently, Wrap Technologies Inc has an average volume of 174.5K.
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Wrap Technologies, Inc operates as a development stage security technology company. It focuses on delivering solutions to customers, primarily law enforcement and security personnel.
