Axon Enterprise, situated in Arizona, had its stock increase 7.9% on Tuesday after the business posted record results, resulting in a stock upgrade.

Axon's earnings per share (EPS) came in at $1.17, much-exceeding analysts' projections of 27 cents. It also outperformed the market with revenue of $232 million, above the consensus of $201.11 million. The income figure was up 39% from the same time the previous year.

The company, which makes technology and weapons, posted record bookings of $0.5 billion in the third quarter, up 70% year to date, and boosted its sales forecast for 2022 to $1 billion.

Protect Life | Axon

After closing at $167.41 on Monday, Axon shares opened Tuesday's session at $208.84.

Following the company's excellent earnings report, Craig-Hallum analyst Jeremy Hamblin raised the stock to a buy from hold, with a $232 price objective. The analyst told investors that the company's potential to expand at least 25% impresses him and that he expects Axon to grow at least 25% in fiscal 2022.

As momentum rises in international and federal markets, Hamblin sees many opportunities for upside potential.

After exceeding earnings expectations, Axon Enterprise receives an upgrade.