Axon (NASDAQ: AAXN) didn’t intend to be in the spotlight in 2020, but that’s the way things played out. Policing in the United States has been a hot-button issue this year, with several high-profile incidents and nationwide protests that have lasted for months. Body cameras have been not only a central tool driving that public discussion, but also one of the solutions being demanded by a concerned public.
All of this puts Axon in a strong position to continue to grow its business long-term. But is this growth stock still a buy after already climbing 71% in 2020?
A decade ago, Axon was known primarily for its Taser products and was considered a small — but profitable — business. Over the last few years, it added body cams, vehicle cams, digital evidence management, and analytics to its repertoire and become a full-service provider for law enforcement agencies around the world.